Is It Too Late to Buy Bitcoin Cash? BCH Price Spikes Up 4% as Green Crypto Chimpzee Surges Past $1 Million

cryptonews.com:

Bitcoin Cash (BCH) is once again on the climb, after a strong consolidation period sets stage for latest push-up, but how high could BCH go - find out in BCH price analysis.

So far Bitcoin Cash holders have endured a tumultuous July, with price action bleeding out -18.4% in a month long retracement move driven by recovery rally rejection at $330 on June 30.

But now BCH appears to be bouncing back, with BCH currently trading at $252 (24 hour change of -0.36%).

Upside movement was ignited on Wednesday 26, as two weeks of consolidation around the $250 price level finally gave way to buy pressure.

In the week since Wednesday, BCH has gained +7%, crucially reclaiming strong technical structure with a foothold just above the 20DMA around the $250 price level.

This vital stake in the ground could mark a resume to the impressive rallying structure seen in late June - which saw BCH climb +190% in less than a fortnight.

However, there could be some cause for concern, with BCH's upside move ringing alarms on key altcoin indicators.

Bitcoin Cash's RSI has heated up on the recent move, rising to showcase minor bearish divergence with an overbought signal at 55.86.

This view receives confirmation from the MACD, which also signals bearish divergence at -2.1.

And despite the apparent recovery, BCH is facing a tough risk: reward profile, with upside potential here limited by a significant resistance level at $300 (limiting local upside moves to +18.95%).

Worse still, downside here remains significant, with a rejection of support from the 20DMA likely to drive a crash down to lower support at $190 (creating downside risk up to -24.6%).

This leaves BCH with a challenging risk: reward ratio of 0.77 - an entry characterized by looming downside risk.

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