The Bitcoin Cash (BCH) price has been on a tear since June 10, outperforming Bitcoin (BTC) and nearly pacing the entire cryptocurrency market.

The readings from various indicators and the price action all legitimize the increase. As a result, it is possible that BCH is mired in a strong bullish trend reversal.

What’s Behind the Massive Bitcoin Cash Price Increase?

The BCH price had fallen under a descending resistance line since February 21. The decrease culminated with a new yearly low of $90 on June 10.

However, the price almost immediately reversed its trend, creating a very long lower wick in the process. This is considered a sign of buying pressure since sellers were not able to push the price down.

On June 21, the price broke out from the line, confirming that it has completed its correction. Moreover, the BCH price cleared the $136 resistance area and is validating it as support.

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Author: Valdrin Tahiri

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