Bitcoin Cash Technical Analysis: BCH/USD bulls stay in charge despite retreat from $242.55 resistance level
- BCH/USD bulls took charge of the market following a bearish Tuesday.
- William's %R is trending inside the overbought zone, hinting that the price is currently overvalued.
BCH/USD daily chart
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BCH/USD bulls took control following a bearish a Tuesday as the price went up from $237.74 to $240.18. The price trending inside the red Ichimoku cloud and sitting on top of the SMA 50 curve. The MACD shows increasing bullish momentum. William's %R is trending inside the overbought zone, showing that the price is presently overvalued and will face bearish correction soon.
Support and Resistance
BCH/USD faces strong resistance levels at $242.55 and $251. On the downside, healthy support levels lie at $237.10 (SMA 50), $234.70 and $230 (SMA 20).
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.
