Bitcoin Cash technical analysis: BCH/USD re-enters $300-zone this Wednesday
- BCH/USD went up from $297.25 to $303 this Wednesday.
- The hourly chart shows that the bulls are in full control of the BCH/USD market.
BCH/USD daily chart
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Following three straight bearish days, wherein the price of BCH/USD fell from $325 to $297.75, the bulls finally had their say this Wednesday. The price of the asset went up from $297.25 to $303 over the day, re-entering the $300-zone. The price is trending below the 20-day simple moving average (SMA 20) and SMA 50 curves. The moving average convergence/divergence (MACD) indicator shows that the signal line is looking to cross over the MACD line, indicating decreasing bearish momentum.
BCH/USD 4-hour chart
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The 4-hour BCH/USD market forms a triangle pattern, getting primed for a breakout. The market is trending below the red Ichimoku cloud. The latest session found support on the $296.50 line and bounced back up. Down below, the Elliot oscillator shows three straight bullish sessions after 19 straight bearish sessions.
BCH/USD hourly chart
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The hourly BCH/USD chart makes for fascinating reading. The hourly price fell to $285.15, where it found support and the bulls took full charge of the market. They steadily took the price up to $291, from where it spiked up to $306.70 and found resistance. The bears then corrected the price to $294.15, and the bulls then continued to increase the price up to $303 steadily. The relative strength index (RSI) indicator is trending around 60.90.
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.
