Bitcoin Cash Price Update: BCH/USD closes in on $350 amid bulls slumber land exodus

Bitcoin Cash bulls are coming back from the sidelines and making a grand entrance into the stage. This follows a sharp spike from the opening value at $337 to $351.97 (intraday high). In other words, BCH/USD has grown over 3% on the day with most of the bullish action taking place in the still ‘young’ European session.

All of the top ten cryptocurrencies are in the green where Bitcoin is up 0.45%, Ethereum price is trading 2.19% higher while Ripple has corrected 1.16% upwards. The crypto market remains in a bullish momentum with high volatility levels ahead of the weekend sessions.

Bitcoin Cash price technical picture

Bitcoin Cash is trading at $348 at the time of writing. Although the cryptoasset is bullish, buyers lack enough power to sustain gains above $350. Looking at the 1-hour range chart, the RSI has made an entrance into the overbought while the MACD has defended its position in the positive region. The two indicators clearly show that bullish pressure is at its peak and if more buying entries are made, BCH/USD could be on the train focused on arriving at $400 in the near term.

BCH/USD 1-hour chart