- The crypto market is turning again and is likely to close the week positively.
- The 50 SMA cross above the 100 SMA signifies a bull market that is gaining traction.
Bitcoin Cash has re-entered the range who support was butchered amid the declines yesterday. The crypto market is turning again and is likely to close the week positively in spite of the retracement. BCH/USD, particularly, is trending up over 6%. The price above $280 (range support) and is trending up at $285.60.
The upside is immediately limited at the 100- SMA 1-hour currently at $292.78. Further correction must clear the resistance at the SMA for a sustained move towards $300. The 50 SMA cross above the 100 SMA signifies a bull market that is gaining traction. Similarly, the Relative Strength Index (RSI) is almost hitting the overbought to confirm the trend reversal.
However, this could be a bull trap and traders need to careful. A step above the simple moving averages could signify a stronger bullish market. While a break above $300 will mark the return of the bulls. Meanwhile, in case of a reversal, $260 (yesterday’s support) will work as an anchor to stop declines once again. Other support levels that could come in handy are $240, $200 And $180.
BCH/USD 1-hour chart
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