Bitcoin Cash price analysis: BCH/USD bulls aim to re-enter $300-zone
|- BCH/USD has jumped up from $282 to $294 this Monday.
- SMA 200 curve acts as immediate market resistance.
Bitcoin Cash is on the course of having four bullish days in a row. This Monday, the price of the asset flew up from $282 to $294. This Tuesday, the price has gone up further to $297. The hourly price chart of BCH/USD shows that the asset has been trending horizontally between $281 and $282, before spiking to $287.50. After that, the price trended horizontally before the bulls pulled BCH/USD up to $297.
BCH/USD daily chart
BCH/USD broke past the resistance provided by the downward trending line. The 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves are trending above the price chart. The SMA 200 is looking to cross over the SMA 20 curve, which is a bearish sign. The Elliott oscillator shows two straight bullish sessions and the moving average convergence/divergence (MACD) indicator shows the reversal of bearish momentum.
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.