Bitcoin Cash Price Analysis: BCH/USD goes up by 5.35% as price breaks above $240
- BCH/USD bulls took charge after four straight bearish sessions.
- The price currently has found resistance at the green Ichimoku cloud.
- William’s %R has bounced up from the oversold zone to -50.
BCH/USD daily chart
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BCH/USD bulls have taken charge of the market as the price jumped from $230 to $242.30. The price is currently on the verge of entering the green Ichimoku cloud. William’s %R has bounced up from the oversold zone to -50, following bullish price action. Finally, the MACD has gone down from -1.82 to -1.08, indicating decreasing bearish market momentum.
Support and Resistance
BCH/USD faces immediate resistance at the SMA 50 curve. Apart from that, BCH/USD faces resistance at SMA 50, SMA 20, $246.65 and $253.40. On the downside, good support lies at $240.40 and $235.
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.
