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The hard fork of Bitcoin, Bitcoin Cash, is the second-best performer out of the top 100 cryptocurrencies over the past 24 hours with an over 7% appreciation. The appreciation was catalyzed by the news that Binance would be supporting the upcoming Bitcoin Cash hard fork.









Price has recently met some strong support around the $400 point showing an unwillingness from buyers to let the price of the cryptocurrency go below the key $400 mark. Price had depreciated to this level from the start of the year after trading in high valuations around $2500 to $2800.





The all-time high of the project was priced in last December and was above $3500. Price is currently trading around $460, but more movements are anticipated after this key news development. Today’s daily candlestick is forming a Marubozu candle. A Marubozu candlestick is a candle with little or no wicks and a long body showing strong movement in one direction.









The shorter timeframe hourly chart shows prices response to the news release. Price reacted from almost flat trading to a huge appreciation in price to facilitate the large influx of buyers.





These scenarios can also be difficult to trade for shorter-term traders as for when price runs its course; it is typical for there to be a violent swing in the opposite direction. Any positions being placed should have strict risk management procedures to protect against these scenarios. The last two hourly candles are much smaller showing that the move may be tapering off.