- BCH/USD bulls took the price up from $127 to $131.
- The buyers will need to break past resistance at $137.25.
BCH/USD bulls took over the market this Wednesday by pushing the price up by 3% from $127 to $131, based on market speculation. Technical analysis shows a repeated pattern for growth and consolidation over the last few sessions. The bulls will need to breach resistance at $137.25 to build positive momentum and break the pattern.
BCH/USD daily chart
The upward trending line has acted as a support for the market over a long period. With this Thursday’s session, the market was able to creep above the 20-day simple moving average (SMA 20) curve and enter the upper half of the 20-day Bollinger band, both being bullish signs. The moving average convergence/divergence (MACD) histogram also shows decreasing bearish momentum. The chart tells us that BCH/USD over the last few sessions has had periods of growth followed by immediate consolidation.
In order to break past this pattern, the bulls will need to garner enough momentum to break past the resistance at $137.25.
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.