Bitcoin Cash technical analysis: BCH/USD re-enters $300-zone this Wednesday

BCH/USD went up from $297.25 to $303 this Wednesday.
The hourly chart shows that the bulls are in full control of the BCH/USD market.

BCH/USD daily chart

Following three straight bearish days, wherein the price of BCH/USD fell from $325 to $297.75, the bulls finally had their say this Wednesday. The price of the asset went up from $297.25 to $303 over the day, re-entering the $300-zone. The price is trending below the 20-day simple moving average (SMA 20) and SMA 50 curves. The moving average convergence/divergence (MACD) indicator shows that the signal line is looking to cross over the MACD line, indicating decreasing bearish momentum.

BCH/USD 4-hour chart

The 4-hour BCH/USD market forms a triangle pattern, getting primed for a breakout. The market is trending below the red Ichimoku cloud. The latest session found support on the $296.50 line and bounced back up. Down below, the Elliot oscillator shows three straight bullish sessions after 19 straight bearish sessions.

BCH/USD hourly chart

The hourly BCH/USD chart makes for fascinating reading. The hourly price fell to $285.15, where it found support and the bulls took full charge of the market. They steadily took the price up to $291, from where it spiked up to $306.70 and found resistance. The bears then corrected the price to $294.15, and the bulls then continued to increase the price up to $303 steadily. The relative strength index (RSI) indicator is trending around 60.90.

Key Levels

BCH/USD

Overview
Today last price	302.7984
Today Daily Change	0.1332
Today Daily Change %	0.04
Today daily open	302.6652

Trends
Daily SMA20	341.65
Daily SMA50	389.9682
Daily SMA100	366.2106
Daily SMA200	261.4378

Levels
Previous Daily High	307.941
Previous Daily Low	282.1599
Previous Weekly High	345.941
Previous Weekly Low	255.06
Previous Monthly High	516.9074
Previous Monthly Low	362.9877
Daily Fibonacci 38.2%	298.0926
Daily Fibonacci 61.8%	292.0083
Daily Pivot Point S1	287.2364
Daily Pivot Point S2	271.8075
Daily Pivot Point S3	261.4552
Daily Pivot Point R1	313.0175
Daily Pivot Point R2	323.3699
Daily Pivot Point R3	338.7987

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