Bitcoin cash technical analysis: Can bulls gather enough steam to go past $400?


BCH/USD daily chart

  • Following a bearish Tuesday, the bulls came back this Wednesday, taking the price up from $388 to $392.
  • The price is trending below the 20-day simple moving average (SMA 20) curve, but it is still above the SMA 50 and SMA 200 curves.
  • The market has found support on the upward trending line.
  • Currently, the market is trending relatively horizontally, within a range of $411.25-$377.75.
  • The Elliot oscillator shows 14 consecutive bearish sessions of increasing intensity.

BCH/USD 4-hour chart

  • The latest session in the 4-hour market has taken the price above the SMA 20 and SMA 50 curves and on the top half of the 20-day Bollinger band.
  • The narrowing of the Bollinger jaw indicates decreasing market volatility.
  • The signal line is diverging away from moving average convergence/divergence line (MACD) line showing increasing bullish momentum.
  • The SMA 200 curve has pierced through both the SMA 20 and SMA 50 curves and is trending above the 4-hour market. These are all heavily bearish signs.

BCH/USD hourly chart

  • The hourly BCH/USD market has pierced above the green Ichimoku cloud.
  • The hourly price had negotiated with the $392.35 resistance line twice before it finally managed to break through it.
  • Currently, the hourly market has had three straight bullish sessions.
  • The relative strength index (RSI) indicator has made a turn towards the overbought zone and is trending around 55.

Key levels

BCH/USD

Overview
Today last price 392.3654
Today Daily Change 4.1674
Today Daily Change % 1.07
Today daily open 388.198
 
Trends
Daily SMA20 412.8305
Daily SMA50 354.5838
Daily SMA100 280.9608
Daily SMA200 210.3489
Levels
Previous Daily High 398.0403
Previous Daily Low 378.8571
Previous Weekly High 452.1883
Previous Weekly Low 362.9877
Previous Monthly High 483.1092
Previous Monthly Low 261.4551
Daily Fibonacci 38.2% 386.1851
Daily Fibonacci 61.8% 390.7123
Daily Pivot Point S1 378.6899
Daily Pivot Point S2 369.1819
Daily Pivot Point S3 359.5067
Daily Pivot Point R1 397.8732
Daily Pivot Point R2 407.5484
Daily Pivot Point R3 417.0564

 

 

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