BCH Growth BoostOct 30, 2019
3 of the TOP10 coins have risen in price by more than 30% over the past 7 days. Only Bitcoin Cash has continued to grow over the past 24 hours. Today, the price of BCH exceeded the $300 mark, but buyers couldn’t resist the marked level.
There are many reasons for incredibly strong growth. First of all, it is necessary to note the general improvement in the cryptocurrency market mood, which served as the main growth driver for BCH as well. Secondly, it became known about the Micree Zhan’s resign, who was a Bitmain co-founder. Thus, Jihan Wu remains the manager of Bitmain, being one of the supporters and major investors in Bitcoin Cash (he bought a lot of BCH in 2007). All this provides strong support for BCH.
Nevertheless, active purchases in the market are no longer expedient, and a rollback of the price to the 280 level will indicate the completion of the “hype”. In addition, the stochastic technical indicator indicates this coin’s overbought. It makes sense to think about fixing part of the profit on previously opened long positions. As a local target, there is still a 325 mark, where MA200 passes.