Bitcoin Cash Price Analysis: BCH/USD bulls make triumphant return above $300-level
- BCH/USD has jumped back inside the upward channel formation.
- The RSI indicator has dipped back into the overbought zone.
BCH/USD daily chart
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BCH/USD bulls spiked the price from $293.91 to $315.67 this Thursday. In the process, the price has jumped back inside the upward channel formation and above the $300-level. Up next, the bulls must aim for the $319.45 resistance level. Following that, the next resistance level lies at $332.15 and the upper curve of the 20-day Bollinger Band.
On the downside, we have healthy support levels at $396.65, $273.48 (SMA 200), $266.45 (SMA 20) and $245.47 (SMA 50). The MACD shows decreasing bullish momentum. In fact, it looks like market momentum was on the verge of changing from bullish to bearish before the recent price action changed that from happening. The relative strength index (RSI) has dipped back inside the overbought zone.
Key levels
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.
