Bitcoin Cash Price Analysis: BCH/USD rocketing to $300 after breaking out of tight range
|- Bitcoin Cash finally breaks out of a tight trading range; the journey to $300 has just begun.
- BTC/USD is poised for more upward advancement as technical indicators align in support of the bulls.
Bitcoin Cash continues to build on the gains recorded over the weekend. The trading on Monday was mainly bullish but did not have enough force to penetrate the resistance of the tight narrow range discussed. However, the Asian session on Tuesday saw the bulls ascend to the helm, breaking past the resistance at $270 (narrow range limit).
BCH/USD is trading at $276 at the time of writing. The price is also above the 200-day SMA, which is a key milestone. All technical levels and indicators point towards continued bullish action. It is only a matter of minutes before the bulls take down the resistance at $280 and shift the focus to $300.
The RSI in the daily range is almost entering the overbought region. The MACD is moving further up within the positive region. The bullish divergence above it shows that bulls are indeed in control. For now, pushing the price past $280 is the bulls’ priority. Higher support, preferably above $280 would give the bulls an opportunity to focus on taking the fight to $300.
BCH/USD daily chart
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