Bitcoin Cash price analysis: BCH/USD attempts a positive breakthrough from flag formation
- BCH/USD went up from $226.75 to $233.30 so far today.
- The RSI indicator managed to creep above the oversold zone.
BCH/USD is on course of charting two straight bullish days. The asset has so far gone up from $226.75 to $233.30 today. The daily price is currently consolidating in a flag formation and bulls are looking to have a positive breakout. The hourly breakdown shows us that BCH/USD fell to $213.85, where it found support and went up to $226.75 to end the day. After a short drop, the bulls have taken full control of the BCH/USD today, bringing the price up to $233.30.
BCH/USD daily chart
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BCH/USD is trending below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The widening of the 20-day Bollinger jaw hints at increasing market volatility. The Moving Average Convergence/Divergence shows decreasing bearish momentum, while the Relative Strength Index (RSI) indicator has crept above the oversold zone.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
