Flying High: Bitcoin Cash Rallies on Korean Volume Spike

Korean kite image via Shutterstock
An appearance at the exchange data indicates that the rally is being fuelled by couches. Among the cryptocurrency exchanges in South Korea, trading volumes in BCH/KRW pair offered by Bithumb, also have gone up by 42 percent in the previous 24 hours.
This morning, the bitcoin cash-U.S. dollar (BCH/USD) exchange rate totaled an 11-day high of $1,623.80 in 08:14 UTC prior to losing some momentum.

Meanwhile, the whole trading volume for the previous 24 hours is well above $4 million, the highest since Nov. 13. A high volume rally indicates that there is a rally very likely to be continuing, and an active marketplace.
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On the other hand, 10-MA and that the 5-MA are curving upward in favor of the bulls. On the daily chart, the moving averages (MA) are sloping upward too.

  • Technical pullbacks could operate out of steam around $1,250
  • BCH seems set to take out resistance at $1,550 (horizontal red line) and move higher to $1,800-$2,000 from the near-term.


4-hour chart

Published at Thu, 23 Nov 2017 14:25:19 +0000
Driving the increase might be the current news that a South Korean financial regulator has stated that it has “no plans” to govern cryptocurrency trading.
At this time, the world cryptocurrency by market value is changing hands at $1,508 — up 21 percent for the previous 24 hours, as per CoinMarketCap.

Bitcoin cash is flying high today and may have more altitude in the near-term.

The purchase price activity analysis, too, indicates the rally can be extended in the near-term.

Earlier this month the RSI, however near the territory, is well short of the highs seen in.
The overbought nature of this comparative strength index (RSI) may be liable for this pullback from prior highs above $1,600.