Bitcoin Cash market update: BCH/USD stays in the green; price battles Bollinger Band upper resistance
|- The growing bullish wave on Sunday last week placed BCH/USD in an upward trajectory towards $450.
- Bitcoin Cash consolidates above $420 while the upside is limited at $440.
Bitcoin Cash is trending upwards on the day, although the entire market is still navigating the sea of red. BCH/USD is up 1.24% on Wednesday and is changing hands at $436.56 at the time of writing. The building bullish trend on the market is emanating from the support at $420 aided by the 100 Simple Moving Average (SMA) 1-hour.
Recently, Bitcoin Cash reversed the downtrend from support formed at $370. The price corrected above $400 but stalled at $420 giving way for a downward move that explored the levels close to $390. The growing bullish wave on Sunday last week placed BCH/USD in an upward trajectory breaking above the 100 SMA resistance, $400 and extended the gains to retest $450 resistance zone.
Bitcoin Cash has in the last couple of says been consolidating above $420 while the upside is limited at $440. As mentioned the price is struggling to break above $440 resistance; a move that is likely to test $450 hurdle. The bulls currently have eyes on $500 although the Relative Strength Index (RSI) is horizontal at 61.53, to show that the price is likely to continue trending sideways in the coming sessions.
BCH/USD 1-hour chart
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