Bitcoin Cash recently broke to the upside of its descending channel pattern on the 4-hour time frame to indicate that buyers are kicking into high gear.
Price might be setting its sights on the next major area of interest marked by the 200 SMA at a former long-term support. Bitcoin Cash has also broken past the 100 SMA dynamic inflection point to indicate that a pickup in bullish momentum is already underway.
Still, the 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, selling pressure is in play and the downtrend is more likely to resume than to reverse.
In addition, RSI is closing in on the overbought zone to reflect exhaustion among buyers. Turning lower could lead to a pickup in bearish momentum and a continuation of the slide inside the short-term descending channel. Similarly stochastic is pointing up to show that bulls have some control, but the oscillator is nearing the overbought region as well.
Talks of a big update in Bitcoin.com’s wallet as hinted at by Roger Ver appear to be fueling the gains. This was announced in an episode uploaded on the Bitcoin.com’s YouTube channel, featuring Ver, Corbin Fraser, and Akane Yokoo from Peaceful Warrior. Ver described the update as:
Biggest ever to the Bitcoin.com wallet
Further details have yet to be shared, although the trio indicated that these will be listed via a post on the r/btc subreddit along with a separate video explanation. This would include integration with Bitbacker.io, the cryptocurrency-fuelled crowdfunding application, which Ver said would be connected “directly into the Bitcoin.com wallet”.
For now, the coin is also able to benefit from increased attention and has also been able to ride on the recent rebound in the cryptocurrency sector. More updates on Bitcoin.com’s wallet upgrade could serve another leg higher.
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