Bitcoin Cash technical analysis: BCH/USD has five bullish days in a row
- BCH/USD has gone up from $399.50 to $433.15 in the last five days.
- The price is currently trending in an upwards channel formation.
BCH/USD daily chart
-636982424746866377.png)
BCH/USD has gone up from $419 to $433.15 in the early hours of Tuesday. Bitcoin Cash is currently in the middle of a 5-day bullish streak and is trending in an upwards channel formation. The latest session broke past the resistance offered by the 50-day simple moving average (SMA 50) curve, but it is still below the SMA 20 curve. The moving average convergence/divergence (MACD) curve shows that the signal line is about to cross over the MACD line, indicating a reversal in bearish momentum.
BCH/USD 4-hour chart
-636982425031262813.png)
The SMA 20 curve has crossed over the SMA 50 curve, which is a bullish sign. Following the intersection, 4-hour BCH/USD has had three straight bullish sessions. These sessions have also broken past the triangle formation. The relative strength index (RSI) indicator is trending around 62.50. The latest price session has even gotten past the SMA 200 curve.
BCH/USD hourly chart
-636982425308443274.png)
The hourly BCH/USD chart has found resistance on the $424.50 level. The three latest price sessions are trending above the red Ichimoku cloud. Eight out of the last nine sessions in the Elliot oscillator have been bullish.
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.
