Bitcoin Cash has recorded a modest 3% profit in opposition to the wider crypto market slump over the past 24 hours.
The move marks the continuation of BCH’s recent rally, which began on August 3rd. As it trades at $590.30 at press, Altcoin’s price has risen by 14% and is ready to continue to increase.
BCH opposes bears. Major fluidity zones can unlock fresh upsides
The assessment of BCH’s liquidation heat map revealed a concentration of liquidity in the $603 price range.
The liquidation heatmap tracks clusters of leveraged positions in the market and highlights that it can trigger a large amount of open interest if prices reach those levels. In many cases, these areas of high fluidity are color coded to indicate intensity, while brighter zones represent greater liquidation possibilities.
If liquidity is concentrated beyond the current price of an asset, it shows a potential “magnet” effect, and traders push the price upwards to cause liquidation, unlocking that liquidity.
For BCH, the $603 zone could serve as such a target, replenishing more if bullish momentum continues.
Additionally, BCH’s Climbing Relative Strength Index (RSI) at 59.54 at press confirms this bullish outlook.
RSI measures asset acquisitions and excessive market conditions. It ranges from 0 to 100. Values above 70 suggest that the asset may be over-acquired and a price adjustment may be paid, while values below 30 indicate that the asset is being sold and ready for rebound.
With 59.54 and rising, BCH’s RSI reflects the momentum of enhanced strength. If it is below the 70 excess threshold, a sustained RSI uptrend to improve market sentiment will allow BCH prices to rise further.
Bitcoin Cash is ready for breakout
Continuous buy-side pressure could push BCH prices up beyond the psychological $600. If Altcoin establishes strong support near this price level, it could potentially expand the rally to $602.20.
However, if profits resume, the BCH eye will decrease to $556.40.
Post BCH prices are stable during market slides – what’s next for Bitcoin Cash? It first appeared in Beincrypto.
