Bitcoin Cash technical analysis: Daily BCH/USD chart breaks past resistance at SMA 20 curve
- The price of BCH/USD is consolidating in a flag formation.
- The Elliott Oscillator has had 16 straight bullish sessions.
BCH/USD daily chart
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BCH/USD went up from $223.15 to $227.85 today. The price is currently consolidating in a flag formation. The 20-day Simple Moving Average (SMA 20) has taken a dip and the latest price session was able to break above it. The SMA 50 and SMA 200 curves are trending above the daily price. The Elliott Oscillator has had 16 straight bullish sessions.
BCH/USD four-hour chart
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The four-hour BCH/USD chart fell and found support at the SMA 20 curve. The price went up and met resistance at the upper 20-day Bollinger and SMA 50 curves. The Moving Average Convergence/Divergence (MACD) indicator shows us slightly bullish momentum.
BCH/USD hourly chart
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The hourly BCH/USD chart is trending in a downward channel formation and has found support at the red Ichimoku cloud. Immediate intraday resistance lies at the $228-level, which the bulls will need to overcome. The Relative Strength Index (RSI) indicator is trending around 59.375.
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.
