Bitcoin Cash technical analysis: BCH/USD has a bullish breakout from triangular formation
- BCH/USD has gone up from $317 to $325 so far this Tuesday.
- SMA 20 curve acts as immediate market resistance.
BCH/USD daily chart
Follow two straight bullish days the BCH/USD price chart has had a bullish breakout from the triangle formation. Over this Tuesday, the price has gone up from $317 to $325. The 20-day simple moving average (SMA 20) curve is acting as immediate market resistance and is looking to cross over the SMA 50 curve. The moving average convergence/divergence (MACD) indicator shows decreasing bearish momentum,
BCH/USD 4-hour chart
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The 4-hour BCH/USD is currently consolidating within the triangle formation. The chart shows that the price went up from $317 to $324.55 before falling to $320.50. Since then, the price went back up to $325. The 4-hour market is currently trending below the red Ichimoku cloud. The Elliot oscillator has had ten straight bullish sessions.
BCH/USD hourly chart
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The hourly BCH/USD market has found support on the upward trending line. BCH/USD has been struggling at the $324 resistance line before breaking out to $325. The SMA 20 curve is crossing over the SMA 200 curve, which is a bullish sign. The relative strength index (RSI) indicator is trending around 60.60.
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.
