Bitcoin Cash Price Analysis: BCH/USD peaks above triangle formation
|- BCH/USD jumped from $347.35 to $362.75 this Monday.
- The Elliott Oscillator has had a green session following nine red sessions.
BCH/USD daily chart
BCH/USD registered three consecutive bullish sessions in the daily chart, going up from $310 to $366.65. The price was consolidating in the triangle formation, continually struggling to break above the downward trending line. The price finally jumped off the support at the upward trending line and broke up to $366.65.
BCH/USD is currently hovering above the red Ichimoku cloud, SMA 200, SMA 50 and SMA 20. The Elliott Oscillator has had a green session following nine red sessions, while the MACD is about to reverse market momentum from bearish to bullish. The RSI indicator is about to enter the overbought zone, hinting that bearish correction is around the corner.
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