Bitcoin Cash Technical Analysis: BCH/USD holds above 300
- Bitcoin Cash looks to higher levels
- Market still making higher highs and higher lows
- 312 is the next resistance on the upside
 (1)-637024497095305114.png)
Bitcoin cash is still holding its uptrend as 300 has been supported once again in the last over the last 48 hours.
Interestingly the Stochastic indicator has swung to lows which the price wave made a higher low. This is called a failure swing also known as a hidden divergence. Traditionally a bullish signal.
On the longer-term timeframes (daily) 350 is the key level and if it breaks BCH/USD frees up a move back to the 500's.
On the 4 hour timeframe, 320 looks like the level to take out for the bulls but a lower wave high has been created. If 300 breaks on the downside then it could indicate a further capitulation of price.
On the 30-minute chart above there is a triangle formation and a break in either direction could also be a clue to future direction.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
