Bitcoin Cash Price Analysis: BCH bounced off the 55 EMA to soar higher
- Bitcoin Cash is the outperformer in the crypto market on Friday rising 4.23%.
- The 55 EMA was used as a support level and the price has now broken a key trendline.
Bitcoin Cash 1-hour chart
Bitcoin Cash is one of the outperformers today as the whole cryptosphere received a bid. The price has managed to break and hold above the black trendline on the chart and now the potential resistance zone is at 267.85.
There have also been some confirmatory signals that the rally is valid. The main one is the fact that the volume is pushing higher inline with the trend. Another is the fact that the psychological zone at 250.00 was rejected and the price found support.
Now there is a higher low higher high wave pattern and the relative strength indicator is not showing any signs that the momentum is falling. Beyond the red resistance line the green would be the next target at 275.95.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
