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Bitcoin Cash technical analysis: Can bulls break past $500?

BCH/USD went up from $441.50 to $448 so far this Saturday.
Bulls will need to break past resistance at $475.

Rajarshi Mitra Independent Analyst

BCH/USD daily chart

BCH/USD has found support on the upward trending line and the 20-day simple moving average (SMA 20) curve. The market is trending above the SMA 50 and SMA 200 curves. The SMA 50 is en route to intersect with SMA 20, which is a bearish sign. The moving average convergence/divergence (MACD) indicator shows two straight bullish sessions.

BCH/USD 4-hour chart

The 4-hour market is trending comfortably above the green Ichimoku cloud. The Elliot oscillator has had seven straight bullish sessions. This shows that the sentiment in the 4-hour price chart is bullish.

BCH/USD hourly chart

The hourly BCH/USD price went above the 20-day Bollinger band curve showing that it is overvalued and may face correction soon. The widening of the Bollinger band shows increasing market volatility. The SMA 50 curve has crossed over to the SMA 200 curve, which is a bullish sign. The relative strength index (RSI) indicator is trending in the overbought zone around 78

Key Levels

BCH/USD

Overview
Today last price	449
Today Daily Change	7.6600
Today Daily Change %	1.74
Today daily open	441.34

Trends
Daily SMA20	408.5574
Daily SMA50	385.3362
Daily SMA100	310.0264
Daily SMA200	221.3874

Levels
Previous Daily High	443.7
Previous Daily Low	412.88
Previous Weekly High	443.7
Previous Weekly Low	402.4455
Previous Monthly High	483.1092
Previous Monthly Low	261.4551
Daily Fibonacci 38.2%	431.9268
Daily Fibonacci 61.8%	424.6532
Daily Pivot Point S1	421.58
Daily Pivot Point S2	401.82
Daily Pivot Point S3	390.76
Daily Pivot Point R1	452.4
Daily Pivot Point R2	463.46
Daily Pivot Point R3	483.22

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.

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