Bitcoin Cash Market Update: BCH/USD digs higher into upper Bollinger Band as $240 beckons
|- Bitcoin Cash bounced off support at $225; ongoing bullish momentum targets both $240 and $250 resistances.
- BCH/USD is in the hands of the bulls as seen with the up-trending RSI and the MACD above the midline.
Bitcoin Cash has majestically renewed the bullish momentum after a gruesome session on Monday that saw the price plunge to $225. Recovery has been steady with Bitcoin Cash stepping above the 50 SMA in the hourly range. Short term support at $235 is currently functioning as the stepping stone for the ongoing recovery aiming for $240 in the near term and $250 in the medium term.
BCH/USD is teetering at $237 as volatility surges as shown by the widening Bollinger Bands. The cryptoasset is grinding higher into the upper BB curve. A break above $240 could catapult Bitcoin Cash towards $250 in a matter of hours. Besides, the entire cryptocurrency market is turning green. As long as the trading volume continues to grow, Bitcoin bulls are likely to fully regain full control over the price.
After taking technical levels indicators into account, we can tell that the European session would be an eventful one. The RSI is almost crossing the line into the overbought region. There is still room for growth considering that this is the hourly range. The bullish momentum is also highlighted by the MACD, currently settling above the midline. Moreover, a bullish divergence from the MACD places EOS into the able hands of the bulls.
For now, holding onto the initial support at the 50 SMA ($235) is key for the rally towards $250. Other support areas of interest are $230 and $225. The overall technical picture is bullish and the European session could experience an increase in volatility and even trading volume.
BCH/USD 1-hour chart
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.