Bitcoin Cash price analysis: BCH/USD smashes $300 hurdle
|- Bitcoin Cash re-enters the $300 range after several days of pivotal movements at $290.
- After conquering the first milestone at $300, Bitcoin Cash has changed focus to $400.
Bitcoin finally blasted its way above the resistance at $300 during the European session on Wednesday. As discussed in the price prediction article, BCH has is shifting its focus to $400 towards the end of year. If the technicals allow it, BCH could approach $500 before the year ends.
In the meantime, Bitcoin is trading at $304 after a 4% gain on the day. The Relative Strength Index (RSI) breaching 70 to show that the bullish action’s momentum is at its peak. The Moving Average Convergence Divergence (MACD) also puts emphasis on the bullish action.
The 50 Simple Moving Average on the 2-hour chart will offer support in case of a reversal heading to $290. The 100 SMA is in line to offer support below $290 while $280 and $270 are viable support zones as well.
BCH/USD 2-hour chart
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