Bitcoin Cash technical analysis: BCH/USD defies the crypto market, goes up by 5.71%
- BCH/USD went up from $329.05 to $348.25 over this Tuesday.
- BCH/USD has had a bullish breakout from a triangle formation.
BCH/USD daily chart
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While the rest of the crypto market has seen red, BCH/USD has gone up from $329.05 to $348.25 this Tuesday. The latest candlestick is sandwiched between the 20-day simple moving average (SMA 20) and SMA 50 curves. The most recent candlestick has had a bullish breakout from the triangle formation. The moving average convergence/divergence (MACD) line was about to cross over with the signal line before it diverged away. This shows that bullish momentum was decreasing before it started increasing again.
BCH/USD 4-hour chart
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The 4-hour price chart shows five straight bullish sessions, wherein the price went up from $329.20 to $348.25. The price is trending above the SMA 20, SMA 50 and SMA 200 curves. The SMA 20 curve has crossed over with the SMA 50 curve, which is a very bullish sign. The 20-day Bollinger jaw has narrowed slightly, which shows that market volatility is decreasing. The Elliot oscillator shows five straight bullish sessions of increasing intensity.
BCH/USD hourly chart
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The hourly market has had a bullish breakout from the green Ichimoku cloud. The price is trending above the SMA 20, SMA 50 and SMA 200 curves. The relative strength index (RSI) indicator is trending around 67.15, right next to the overbought zone.
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.
