Bitcoin Cash Market Overview: BCH/USD Bulls are on a warpath
|- BCH/USD went up from $404 to $443.50.
- Bulls are aiming for $500.
After trending between $375 and $400 in the closing hours of Wednesday, the bulls took over the market and surged the price up to $443.50 from $404 within two hours. This is the highest that BCH/USD has been priced at since November 2018. The bulls are aiming to breach the $500-level.
BCH/USD Daily Chart
- The price is currently trending upwards in a channel formation.
- The Ichimoku indicator hints at an upcoming bearish correction.
- The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
- On the upside, the nearest resistance level lies at $470.
- The signal line is diverging away from the MACD line, showing increasing bullish momentum.
- The Elliot wave oscillator shows six consecutive bullish sessions of increasing intensity.
- The relative strength index (RSI) indicator is in the overbought zone and is currently trending at 85.70.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.