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