Bitcoin liquidate broke out from a double bottom reversal pattern with enormous volume. | Source: TradingView
Booming Bitcoin Cash Price Will Rip to $1,200 in 2019
What’s exciting about this breakout is the gigantic volume that pushed bitcoin cash above $235. On April 3, the cryptocurrency recorded 116,577 BCH in job volume on crypto exchange Kraken. That’s over 550 percent of its average daily volume average of 17,925 BCH.
Varied importantly, 116,577 BCH is the cryptocurrency’s all-time volume high on Kraken. To put that into perspective, this cryptocurrency stamped a little over 20,000 BCH in volume when it achieved its all-time high in price. A volume explosion of this extent is usually a marker of a bullish reversal.
On top of the double bottom reversal, bitcoin cash also painted a large bull weaken on the daily chart. This is a continuation pattern that affirms our short-term bullish bias. The market broke out of that build on May 11 when it took out resistance of $320. The breakout is the technical reason why bitcoin cash is trading around $440 now.
Bitcoin readies broke out of a continuation pattern after a brief consolidation period. | Source: TradingView
Longer Timeframe Bullish Turn-round
With a strong uptrend on the daily chart, bitcoin cash has also reversed its trend on the longer timeframe by emergeing out of a rounding bottom pattern on the weekly chart.
BCH also reversed its trend on the longer timeframe. | Source: TradingView
Review the cryptocurrency’s chart is so easy that you don’t have to be an expert to see that for most of the bear market, volume was anemic. Mass suddenly spiked in December 2018 to mark the bear market bottom. Several weeks later, volume white horsed to confirm that bitcoin cash had reversed its long-term trend.
Bitcoin Cash Buyers Are Returning in Droves
In uncomplicated terms, buyers have returned in droves. They are heavily accumulating at current levels. Why? They are spending big because they suppose big returns in the future.
The conservative target for 2019 is $800; the aggressive target is $1,200. These figures are the market’s key long-term intransigence levels.
With the cryptocurrency bullish on both shorter and longer timeframes, it is now a strong “buy-on-the-dips” candidate. It may go as low as $300 in the next few weeks, but we don’t look forward it to fall any lower than that. Those who bought the bottom and the breakout will very likely protect their investments.
Heart Line: BCH Offers Mammoth Upside
Bitcoin cash is the cryptocurrency market’s dark horse for 2019. As long as the change holds above a key price level of $300, bulls remain in absolute control. Targets are $800 and $1,200. Bitcoin spondulix may have fallen hard, but it now looks ready to bounce back with a vengeance.
Disclaimer: This article is mean for informational purposes only and should not be taken as investment advice.