Bitcoin Cash technical analysis: Can bulls break past $500?
- BCH/USD went up from $441.50 to $448 so far this Saturday.
- Bulls will need to break past resistance at $475.
BCH/USD daily chart
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BCH/USD has found support on the upward trending line and the 20-day simple moving average (SMA 20) curve. The market is trending above the SMA 50 and SMA 200 curves. The SMA 50 is en route to intersect with SMA 20, which is a bearish sign. The moving average convergence/divergence (MACD) indicator shows two straight bullish sessions.
BCH/USD 4-hour chart
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The 4-hour market is trending comfortably above the green Ichimoku cloud. The Elliot oscillator has had seven straight bullish sessions. This shows that the sentiment in the 4-hour price chart is bullish.
BCH/USD hourly chart
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The hourly BCH/USD price went above the 20-day Bollinger band curve showing that it is overvalued and may face correction soon. The widening of the Bollinger band shows increasing market volatility. The SMA 50 curve has crossed over to the SMA 200 curve, which is a bullish sign. The relative strength index (RSI) indicator is trending in the overbought zone around 78
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.
