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Bitcoin Cash Market Overview: BCH/USD Bulls are on a warpath

  • BCH/USD went up from $404 to $443.50.
  • Bulls are aiming for $500.
Bitcoin Cash Market Overview: BCH/USD Bulls are on a warpath
Rajarshi MitraRajarshi MitraIndependent Analyst

After trending between $375 and $400 in the closing hours of Wednesday, the bulls took over the market and surged the price up to $443.50 from $404 within two hours. This is the highest that BCH/USD has been priced at since November 2018. The bulls are aiming to breach the $500-level. 

BCH/USD Daily Chart

  • The price is currently trending upwards in a channel formation.
  • The Ichimoku indicator hints at an upcoming bearish correction.
  • The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
  • On the upside, the nearest resistance level lies at $470.
  • The signal line is diverging away from the MACD line, showing increasing bullish momentum.
  • The Elliot wave oscillator shows six consecutive bullish sessions of increasing intensity.
  • The relative strength index (RSI) indicator is in the overbought zone and is currently trending at 85.70.
     

Author

Rajarshi Mitra

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.

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