Bitcoin Cash Technical Analysis: BCH/USD flirts around $270-line, reaches highest levels since Apri 2020
- BCH/USD bulls took charge but ran out of momentum near the $270-level.
- The price has jumped from the red Ichimoku cloud.
- The RSI has dipped slightly into the overbought zone.
BCH/USD daily chart
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BCH/USD took charge of the market after bouncing up from the support at the red Ichimoku cloud. The price has gone up from $237.73 to $269. After crossing the $270-level for a brief period, it settled back down.
The SMA 20 has crossed over the SMA 50 to chart the bullish cross pattern. The MACD shows increasing bullish momentum, while the RSI has dipped into the overbought zone. The latter indicates that the price has entered the overvalued territory and will face bearish correction soon.
Support and Resistance
BCH/USD has strong resistance levels at $274.45 and $273.222 (SMA 200). On the downside, we have healthy support at $262, $250.50, $236.10 (SMA 20) and $235 (SMA 50).
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.
