Bitcoin Cash Technical Analysis: BCH/USD range-bound between $240 and $250; is breakout to $300 imminent?
|- Bitcoin Cash is trading above the 50-day SMA; a sign that a breakout is still in the offing.
- The consolidation between $240 and $250 could take center stage in the short term but a breakout to $300 is probable.
After tackling the resistance at $240, BCH/USD focused on overcoming the sellers hauled up at $250. An intraday high has, however, been achieved at $245, which has temporarily put a stop to the bullish momentum. Bitcoin Cash is also trading above the 50-day SMA; also a key indicator that buyers are not done with the upside.
It is apparent that a break above the $250 (second resistance zone) and the 200-day SMA at $270 (third resistance) would give the price a boost towards $300. BCH/USD traded close to $500 in February and still possesses the potential for recovery to higher levels.
According to the RSI and the MACD, Bitcoin Cash consolidation and stability within the range between $240 and $250 could take precedence in the coming sessions. The consolidation will also allow more bulls to join the market as they prepare for an assault at $250 and $270 respectively. Both the RSI and the MACD are in horizontal motions at 60 and 0.0 (mean line) respectively.
BCH/USD daily chart
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.