Bitcoin Cash Technical Analysis: BCH/USD range-bound between $240 and $250; is breakout to $300 imminent?
- Bitcoin Cash is trading above the 50-day SMA; a sign that a breakout is still in the offing.
- The consolidation between $240 and $250 could take center stage in the short term but a breakout to $300 is probable.
After tackling the resistance at $240, BCH/USD focused on overcoming the sellers hauled up at $250. An intraday high has, however, been achieved at $245, which has temporarily put a stop to the bullish momentum. Bitcoin Cash is also trading above the 50-day SMA; also a key indicator that buyers are not done with the upside.
It is apparent that a break above the $250 (second resistance zone) and the 200-day SMA at $270 (third resistance) would give the price a boost towards $300. BCH/USD traded close to $500 in February and still possesses the potential for recovery to higher levels.
According to the RSI and the MACD, Bitcoin Cash consolidation and stability within the range between $240 and $250 could take precedence in the coming sessions. The consolidation will also allow more bulls to join the market as they prepare for an assault at $250 and $270 respectively. Both the RSI and the MACD are in horizontal motions at 60 and 0.0 (mean line) respectively.
BCH/USD daily chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
