Rajarshi Mitra
Independent Analyst
- Bitcoin Cash bulls took control after bouncing up from the 50-day SMA.
- The price currently faces immediate resistance at the 100-day SMA.
Bitcoin Cash fell from $268.25 to $241.70 in three days between November 2 and November 4. In the process, it broke below the 100-day SMA and 200-day SMA. However, the 50-day SMA managed to stay strong and keep the price up.
The bulls back with a vengeance
Over the last two days, the Bitcoin fork has risen from $240 to $258. In the process, they have managed to cross above the 200-day SMA ($248). Currently, the price faces resistance at the 100-day SMA ($258). A break above this level should give the buyers enough momentum to aim for the $268 resistance barrier, as defined by the daily confluence detector.
BCH/USD daily chart
The daily confluence detector is a handy little tool that helps us define strong support and resistance levels. As per the tool, BCH currently has two notable resistance, at the 100-day SMA ($258) and $268. A break above them will take Bitcoin Cash to $275.
BCH daily confluence detector
The sellers can completely change this bullish outlook by dropping the price below the 200-day SMA ($250). If this happens, the top-5 cryptocurrency lacks healthy support levels that could hold the price up. Any further drop will see BCH fall to the 50-day SMA ($240).
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