Bitcoin Cash has reached a high level of decentralization, with the token values reaching peaks of $2.8 billion and 92% liquidation of its entire market supply. The upside potential for BCH coin remains slightly above the BTC because of its strong stability in the lower price band.
BCH is getting strong support from the lower levels, which has propelled the token to 200 EMA. $158 has strong resistance, but the intensity of the uptrend and buying spree has created strong support for the buyers.
The candlestick behavior on individual days has strongly indicated the uptrend potential offered by the BCH tokens. Each candlestick closes the day with a wick on the lower part that showcases and confirms more buying from the dips of each day. Moreover, the clear rejection of its first attempt to surpass 200 EMA has now taken a new attempt with more strength and assurance. Breaching the 200 EMA and trading above $140 would push the Bitcoin Cash price toward the next action-based resistance of $158.
As the RSI indicator shows the BCH coin to be positively trading in the overbought zones, the MACD indicator also confirms the possible bull rally from a positive breaching at these levels. From a support perspective, Bitcoin Cash would find support at $95 in case of a drawdown or profit booking from current levels. Weekly candlesticks would be facing resistance at the $145 level.
