Bitcoin Cash Market Update: BCH/USD rockets above $300 as $400 draws nearer
|- Bitcoin Cash renews the bullish momentum above $300 but facing resistance at $325.
- BCH/USD is mainly in the hands of the bulls as they eye action towards $400.
Bitcoin Cash is among the biggest winners in the cryptocurrency market on Friday. Besides bringing down the resistance at $300, buyers have extended the price action above $320. BCH/USD is teetering at $324 at the time of writing following consistent bullish action during the Asian session on Friday.
Meanwhile, all indicators have aligned for a perfect bullish storm, starting with the 50 SMA’s cross above the longer-term 200 SMA. Besides function as key support areas, the widening gap between the moving averages emphasizes the bullish momentum building in the market.
The RSI is also on an upward roll even entering the overbought region. The MACD is cementing the buyers’ influence over the price as it extends its reach into the positive region. A bullish divergence hints that action above $330 is likely in the current session.
If the technical picture remains intact in the near term, gains eyeing $400 could also start to materialize. It is also essential that bulls establish support above $320 to ensure that progress made above $300 is not wasted. This will also give them a fighting chance for levels above $330 and $350 in the short term.
BCH/USD 1-hour chart
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