Bitcoin Cash Technical Analysis: BCH/USD massive 6% surge sets the tone for $260
- BCH/USD is currently in a daily uptrend after blasting through $230.
- BCH has climbed above the daily 12-EMA and the 26-EMA and it’s eying up $260 in the short-term.
For the most part, BCH/USD has been following the steps of the entire market, however, on July 6, a massive surge from $221 to $236 confirmed a daily uptrend. Bulls were able to hold a higher low at $215.82 on July 5 and are now comfortably trading above the 26-EMA at $230.91.
BCH/USD daily chart
-637296471221013942.png)
Although both EMAs are far apart, they are looking for a bull cross sometime within the next week if the bullish momentum continues. There aren’t many resistance levels towards $260 aside from a high at $245.53 and $258.95.
BCH/USD 4-hour chart
-637296471390711840.png)
It’s important to zoom in to check if the breakout is healthy or not. So far, the move seems extremely healthy as it happened over the course of 20 hours and with increasing bull volume. Both EMAs have crossed bullishly like the MACD. The RSI is around overbought levels and could indicate that a short-term pullback is coming.
BCH/USD technical levels
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.
