Flying High: Bitcoin Cash Rallies on Korean Volume Spike
Bitcoin cash today is flying high and in the near future will get more height.
This morning, bitcoin cash-US. The dollar (BCH / USD) exchange rate ended 1114 days high at $ 1,023.80 at the end of 08:14 UTC before slightly lower than $ 1,623.80.
At press time, the value of the world's third largest cryptocorporic market now stands at $ 1,508 - up 21 per cent over the past 24 hours, according to CoinMarketCap.
A look at conversion data suggests that reality is fueled by Korean desks. Trading volumes have increased by 42% over the last 24 hours with BitBub's BCH / KRW coupon in South Korea, one of the largest cryptocorporic exchanges in South Korea.
One South Korean finance regulator said it would be "no plans" to control cryptocurrency business as may be today's news of growth driving.
Meanwhile, the total trading volume over the last 24 hours is over 4 billion dollars, the highest since November 13. The high volume rally represents an active market and a rally is uninterrupted.
Analysis of price action suggests that the rally can be extended.
4-hour chart
The overbar nature of the relative strength index (RSI) is formerly responsible for taking over $ 1,600 from the maximum level.
Nevertheless, it is suitable for 5 mms and 10 m bulls. On a daily chart, moving averages (MA) as well as climbing.
Although the daily RSI is close to the overbought landscape, it is the highest well seen at the beginning of this month.
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Base increased to $ 1,250.
The technological gains will go from steam around $ 1,250
BCH removes the resistance at $ 1,550 (horizontal red line) and reaches $ 1,800 - $ 2,000.