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Bitcoin Cash Flying High and Set to Rise Higher



Bitcoin cash keeps on hoisting its flag up high and is projected to rise even higher in the near future.

Yesterday, the bitcoin cash-U.S. dollar (BCH/USD) exchange rate registered an 11-day high of $1,623.80.

This happened right at 08:14 UTC before slowly losing some steam.

As of this writing, the world’s third-largest cryptocurrency by market value is exchanging at $1,508.

This is up 21% for the last 24 hours.

A closer look at the exchange data shows that Korean desks are sparking the rally.

Trading volumes in BCH/KRW pair offered by Bithumb, one of the largest cryptocurrency exchanges in South Korea, have risen by 42% in the last 24 hours.

Fuelling the rise may be today’s report 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 over $4 billion.

This is the highest since November 13.

A high volume rally is indicative of an active market, and that a rally is likely to keep on.

The price action analysis, too, insinuates the rally could continue in the near-term.

The overbought nature of the relative strength index (RSI) could be accountable for the pullback from previous highs above $1,600.

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