Bitcoin Cash market update: $310 is still unconquered despite a weekend surge


  • Bitcoin Cash revives the uptrend after gaining momentum above the pivotal $300 level.
  • A reversal is imminent for Bitcoin Cash following the full stochastic oscillator’s overbought conditions.

Bitcoin Cash has extended the higher low pattern after impressively chest thumping its way above the $300 pivotal level. A look at the hourly chart for BCH/USD trading pair shows an up trending market in the last couple of weeks. Besides, the crypto is up a 1.34% on the day after correction from the opening value at $303.19 to the current price at $307.3.

The uptrend broke out from the support at $295 and stepped above the simple moving averages; the 100 SMA on the one-chart and the 50 SMA. An engulfing candlestick over the weekend initially completed the leg above $300 before he buyers pushed the price towards $300.

The moving average convergence divergence (MACD) is sitting at ease within the positive zone. A visible bullish divergence signals that the bulls are gaining traction against the bears. However, $310 has been tested but unbroken. The full stochastic oscillator suggests that a reversal is around the corner having hit a high at $95.65.

Inline to offer support is the 50 SMA, the 100 SMA and the ascending trendline. Other levels to keep in mind are the former pivotal level at $300, $295 and $280. Bitcoin Cash buyers must push the price above $310 to avoid sliding back into the bearish range between $295 and $300.

BCH/USD one-hour 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Consolidating Bitcoin Price May Be Setting Up Ethereum for a 30% Surge

Bitcoin’s multi-month consolidation in a giant descending wedge led altcoins to defy trader’s common logic and the majority of altcoins continued to drop to new lows instead of rallying. 

More Bitcoin News

Dash market update: DASH/USD grinding into a bull trap

Dash buyers are showing their bullish prowess on Tuesday. Generally, indecision clouds the majority of cryptocurrencies on the market. However, Dash is putting intense pressure on key levels with the main purpose being to break above the symmetrical triangle resistance.

More Dash News

Litecoin (LTC) price analysis: LTC/USD spends its 8th birthday in a range

Litecoin is stuck in a depressingly narrow range limited by $58.00 on the upside and $53.00 on the downside. At the time of writing, LTC/USD is changing hands at $56.27, the coin has barely changed both since the beginning of the day and on a day-on-day basis despite mild recovery among other top altcoins. 

More Litecoin News

Ethereum (ETH) market update: a trip to $200.00 delayed for now

ETH bottomed at $152.50 on September 26 and managed to claw back some ground. However, the upside momentum has faded away on approach to the next critical resistance area of $190.00-$200.00.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast

BTC

ETH

XRP