Bitcoin Cash Price Analysis: BCH/USD soars above $200-day SMA, is $300 within reach?
|- Bitcoin Cash surges 5.63% to trade above $270; all eyes now on the $300 level.
- BCH/USD technical picture is positive amid a building bullish trend and expanding volatility.
After closing Wednesday’s trading above $250, Bitcoin Cash extended the price action past $260 on Thursday during the Asian session. A breakout in tandem with Bitcoin (BTC) surge to $9,303 (April high) sent BCH above the 200-day SMA. A new April high has been reached at $275.78 (current short term resistance). Meanwhile, Bitcoin Cash is up 5.63% from the opening value of $257.78 and exchanging hands at $272.
The prevailing trend remains bullish while the volatility expands. More upside action is expected in the course of the European session. However, the biggest question is whether Bitcoin Cash bulls have what it takes to take on the key hurdle at $300.
Technically, BCH/USD is poised to trend higher while taking advantage of the bullish wave sweeping across the market. The RSI surge toward the overbought (70) seems to be encouraging more buyers to enter the market and increase their BCH positions. Besides, the MACD’s bullish divergence clearly shows that buyers are in the driver seat. If the positive technical picture remains intact, there is a high chance that gains towards $300 would come into play soon. On the downside, apart from the support at $270, more refuge is likely at $250, the ascending trendline, the 50-day SMA, and $200.
BCH/USD daily chart
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