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 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
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
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.
