The rumors are true, that SK has been actively supporting BCH, but i still doubt if they are the country behind the massive pump on BCH last week(s).
I also doubt if BCH will continue it's price rally on general and not just on Korean trading exchanges. I thought it's almost the end of BCH.
Topic: [2017-11-24] Flying High: Bitcoin Cash Rallies on Korean Volume Spike (Read 1662 times)
November 24, 2017, 03:17:20 AM
November 24, 2017, 02:56:58 AM
Bitcoin cash is flying high today and could gain more altitude in the near-term.
This morning, the bitcoin cash-U.S. dollar (BCH/USD) exchange rate clocked an 11-day high of $1,623.80 at 08:14 UTC before losing some momentum.
At press time, the world's third-largest cryptocurrency by market value is currently changing hands at $1,508 – up 21 percent for the last 24 hours, as per CoinMarketCap.
A look at the exchange data indicates that the rally is being fuelled by Korean desks. Trading volumes in BCH/KRW pair offered by Bithumb, one of the largest cryptocurrency exchanges in South Korea, have gone up by 42 percent in the last 24 hours.
Driving the rise may be today's news that a South Korean financial regulator has said it has "no plans" to regulate cryptocurrency trading.
Meanwhile, the total trading volume for the last 24 hours is well above $4 billion, the highest since Nov. 13. A high volume rally indicates an active market, and that a rally is likely to be sustained.
The price action analysis, too, suggests the rally could be extended in the near-term.
4-hour chart
The overbought nature of the relative strength index (RSI) could be responsible for the pullback from previous highs above $1,600.
However, the 5-MA and 10-MA are curving up in favor of the bulls. On the daily chart, the moving averages (MA) are sloping upwards as well.
The daily RSI, though close to the overbought territory, is well short of the highs seen in earlier this month.
View
-The base appears to have shifted higher to $1,250.
-Technical pullbacks could run out of steam around $1,250
-BCH looks set to take out resistance at $1,550 (horizontal red line) and move higher to $1,800-$2,000 in the near-term.
This morning, the bitcoin cash-U.S. dollar (BCH/USD) exchange rate clocked an 11-day high of $1,623.80 at 08:14 UTC before losing some momentum.
At press time, the world's third-largest cryptocurrency by market value is currently changing hands at $1,508 – up 21 percent for the last 24 hours, as per CoinMarketCap.
A look at the exchange data indicates that the rally is being fuelled by Korean desks. Trading volumes in BCH/KRW pair offered by Bithumb, one of the largest cryptocurrency exchanges in South Korea, have gone up by 42 percent in the last 24 hours.
Driving the rise may be today's news that a South Korean financial regulator has said it has "no plans" to regulate cryptocurrency trading.
Meanwhile, the total trading volume for the last 24 hours is well above $4 billion, the highest since Nov. 13. A high volume rally indicates an active market, and that a rally is likely to be sustained.
The price action analysis, too, suggests the rally could be extended in the near-term.
4-hour chart
The overbought nature of the relative strength index (RSI) could be responsible for the pullback from previous highs above $1,600.
However, the 5-MA and 10-MA are curving up in favor of the bulls. On the daily chart, the moving averages (MA) are sloping upwards as well.
The daily RSI, though close to the overbought territory, is well short of the highs seen in earlier this month.
View
-The base appears to have shifted higher to $1,250.
-Technical pullbacks could run out of steam around $1,250
-BCH looks set to take out resistance at $1,550 (horizontal red line) and move higher to $1,800-$2,000 in the near-term.
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