Bitcoin Cash price analysis: BCH/USD attempts a positive breakthrough from flag formation
|- BCH/USD went up from $226.75 to $233.30 so far today.
- The RSI indicator managed to creep above the oversold zone.
BCH/USD is on course of charting two straight bullish days. The asset has so far gone up from $226.75 to $233.30 today. The daily price is currently consolidating in a flag formation and bulls are looking to have a positive breakout. The hourly breakdown shows us that BCH/USD fell to $213.85, where it found support and went up to $226.75 to end the day. After a short drop, the bulls have taken full control of the BCH/USD today, bringing the price up to $233.30.
BCH/USD daily chart
BCH/USD is trending below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The widening of the 20-day Bollinger jaw hints at increasing market volatility. The Moving Average Convergence/Divergence shows decreasing bearish momentum, while the Relative Strength Index (RSI) indicator has crept above the oversold zone.
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