Bitcoin Cash jumps by 11% in a matter of hours, the pump must go on
- Bitcoin Cash (BCH) smashed $400.00 and hit the highest level since June 2019.
- If the upside momentum is sustained, BCH may hit the pivot point at $500.00 soon.
Bitcoin Cash (BCH) has gone mad as the coin has gained over 11% in a matter of hours to trade at $425 by press time. The fourth largest coin with the current market cap of $7.7 billion has developed strong bullish momentum with no clear fundamental reason available so far. Currently, BCH/USD is at the highest level since June 28, 2019.
BCH/USD: Technical picture would improve with a break above $400
The coin is deeply overbought both on intraday and daily charts, but the RSI shows no signs of reversal so far.
From the technical point of view, the picture will improve significantly, if the price settles above $400.00. In this case, the upside momentum may gain traction and bring $441.00 into focus. This resistance is reinforced by SMA100 weekly. Also, a pivotal point is seen at $500.00.
On the downside, if the price slips below $400.00, the correction may be extended towards the first bearish target of $370 (the lower border of the recent consolidation channel). It is followed by psychological $300.00 and $281 (SMA50 daily).
BCH/USD daily chart
Author
Tanya Abrosimova
Independent Analyst
