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

Bitcoin Cash Technical Analysis: BCH/USD gets rejected at $300 but has a strong bullish momentum

  • BCH/USD bulls tried to crack $300 but got rejected at $297.
  • BCH is getting a significant increase in trading volume over the past few days. 
Bitcoin Cash Technical Analysis: BCH/USD gets rejected at $300 but has a strong bullish momentum
Lorenzo StroeLorenzo StroeIndependent Analyst

Bitcoin Cash has been following Bitcoin for the most part with a breakout of its own above $240. The trading volume has been increasing significantly over the past week which indicates the bullish momentum is strong. 

BCH/USD daily chart

BCHUSD

BCH price is currently at $292 after a slight rejection at $300 but this doesn’t mean the digital asset will not break the resistance level in the short-term. BCH is clearly trading above both daily EMAs and in an uptrend, however, it still needs to beat $427, the 2020-high. 

The next resistance point is located at $300 and $353, a high established in March before the crash. After that, BCH has a pretty clear way towards its 2020-high and $500.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Editor's Picks

NEAR Protocol Price Forecast: NEAR rebounds on the launch of India’s biggest IPO, Jio Platforms perps

NEAR Protocol Price Forecast: NEAR rebounds on the launch of India’s biggest IPO, Jio Platforms perps

NEAR Protocol price ticks higher extending its roughly 3% rebound from the previous day. NEAR Intents launched confidential trading of India’s biggest IPO, Jio Platforms, perpetual contracts on Tuesday. Institutional investors' activity shows mild profit-taking after nearly $5 million in outflows on Tuesday.

Top 3 Price Predictions: BTC, ETH and XRP recover as Big Tech earnings take center stage

Top 3 Price Predictions: BTC, ETH and XRP recover as Big Tech earnings take center stage

Bitcoin, Ethereum, and Ripple extend their recovery on Wednesday as investors turn their attention to major technology companies' earnings reports. Microsoft and Alphabet are due to report their Q3 earnings on Wednesday, followed by Amazon on Thursday.

Pepe Price Forecast: PEPE climbs as Justin Sun-linked wallets spark bullish sentiment

Pepe Price Forecast: PEPE climbs as Justin Sun-linked wallets spark bullish sentiment

Pepe surges over 15% so far this week, trading above $0.00000494 as bulls remain in control. Improving derivatives metrics and rising social dominance signal bullish sentiment, amid reports that Justin Sun-linked wallets hold almost 3% of the PEPE supply. In addition, strengthening bullish momentum suggests further upside for the meme coin.

Ethereum ETFs near record monthly outflows as ETH tests $2,310

Ethereum ETFs near record monthly outflows as ETH tests $2,310

Ethereum (ETH) held steady on Tuesday, consolidating at $2,340, just above $2,300 after last week’s decline. Three measures sit within about $18 of each other: ETH’s realized price at $2,310, the 200-day Exponential Moving Average (EMA) at $2,315, and the $2,328 average cost basis of wallets holding 1K-10K ETH.
Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.