TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin Cash Price Analysis: BCH/USD rocketing to $300 after breaking out of tight range

  • Bitcoin Cash finally breaks out of a tight trading range; the journey to $300 has just begun.
  • BTC/USD is poised for more upward advancement as technical indicators align in support of the bulls.
Bitcoin Cash Price Analysis: BCH/USD rocketing to $300 after breaking out of tight range
John IsigeJohn IsigeFXStreet

Bitcoin Cash continues to build on the gains recorded over the weekend. The trading on Monday was mainly bullish but did not have enough force to penetrate the resistance of the tight narrow range discussed. However, the Asian session on Tuesday saw the bulls ascend to the helm, breaking past the resistance at $270 (narrow range limit).

BCH/USD is trading at $276 at the time of writing. The price is also above the 200-day SMA, which is a key milestone. All technical levels and indicators point towards continued bullish action. It is only a matter of minutes before the bulls take down the resistance at $280 and shift the focus to $300.

The RSI in the daily range is almost entering the overbought region. The MACD is moving further up within the positive region. The bullish divergence above it shows that bulls are indeed in control. For now, pushing the price past $280 is the bulls’ priority. Higher support, preferably above $280 would give the bulls an opportunity to focus on taking the fight to $300.

BCH/USD daily 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

More from John Isige
Share:

Editor's Picks

Why altcoin season isn't coming back — and what stole its capital

Why altcoin season isn't coming back — and what stole its capital

If, after two years of being frozen in ice, Katara and Sokka woke you up to the crypto market, it would seem like 100 years have passed. With Bitcoin soaring to record highs just over a year ago, everyone expected a routine altcoin season, where investors take profits from the top crypto to chase higher returns in altcoins.

Bitcoin Weekly Forecast: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin Weekly Forecast: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin recovers, trading above $78,000 on Friday, but the 50-week SMA near $78,760 continues to cap its upside. A hawkish Fed outlook, escalating Middle East tensions, and the CLARITY Act's failure to advance in the US Senate could limit BTC upside.

Why Bitcoin's over 30% rebound doesn't mean the bear market cycle is done

Why Bitcoin's over 30% rebound doesn't mean the bear market cycle is done

BTC has staged a strong recovery after falling to a yearly low of $57,800 in July, gaining nearly 33% and recording two consecutive months of gains in July and August. Is this the start of a new bullish phase, or simply another recovery within a broader bear-market cycle?

Crypto Today: Bitcoin, Ethereum, XRP eye short-term breakout as bulls return

Crypto Today: Bitcoin, Ethereum, XRP eye short-term breakout as bulls return

Bitcoin trades higher near $78,000 on Friday as bulls return after early-week macro uncertainty and regulatory headwinds. Ethereum aligns with the broader crypto market’s neutral-to-bullish outlook, holding support above $2,400 and gaining momentum for a short-term breakout at $2,500.

Bitcoin: BTC retreats as macro headwinds grow

Bitcoin: BTC retreats as macro headwinds grow

Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.