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Bitcoin Cash Price Analysis: BCH/USD explodes 2% higher in minutes

  • Bitcoin Cash breaks out above a short term falling wedge pattern, renewing its bullish momentum.
  • BCH/USD targets $250 in the short term but the hurdle at $245 must come down as soon as possible.

The cryptocurrency market is dominantly in the green mid-through the week’s trading. Bitcoin Cash has not been left behind following a 2% steady rise on the day in a matter of minutes. Some of the best-performing cryptocurrencies include Ripple (XRP) up 4.62%, EOS up 1.89% and IOTA (IOT) up 1.93%.

Bitcoin Cash surge is happening following a break above a short term falling wedge pattern. A recent attempt to come out of the ‘crypt’ saw BCH step above $240. Unfortunately, the hurdle at $245 made it difficult for the bulls to sustain the gains. A minor reversal came into the picture, sending Bitcoin Cash back to the support at $235. The bounce from this support area is currently seeking higher support.

BCH/USD is trading at $240.71 amid a strongly building bullish momentum. All indicators are aligning in favor of a rally that could see Bitcoin Cash above $250. The RSI has resumed the uptrend from the average (50) and is closing in on 70 (overbought). The MACD has slowed down the downward momentum, saving itself a trip under the midline. The indicator has found support and is now changing direction upwards.

The same upward momentum is reflected in the gap made by the 50 SMA above the longer-term 200 SMA in the 1-hour timeframe. A break past the short term resistance at $242 would pave the way for gains above $245 and $250 respectively. For now, the path of the least resistance is northwards.

BCH/USD 1-hour chart

BCH/USD price chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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