BCH/USD Technical Analysis: Somebody has just woken up - Bitcoin Cash rejects 300.0
- Bitcoin Cash just pushes higher as decent volume is reported
- BCH/USD breaks back through 300.0 after selling off yesterday
- Price is now moving closer to the resistance level at 330.0
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This 30-minute chart of BCH/USD shows some decent buying volume on the Kracken exchange but the same has been noted on Coinbase and buyers come in during the US session.
Around 2541.00 contracts where bought according to exchange data as Bitcoin Cash breaks back above 300.00 following yesterday's crypto sell-off. The MACD and Stochasic indicators are also both in bullish territory as the price makes the quick push to reach 322.6. The MACD histogram has made another push higher to peak as the moving averages diverge.
The daily chart below shows that unlike some of the other crypto majors the BCH/USD pair managed not to make a lower low in the wave down yesterday. This coupled with the stong volume shows that the bulls are still in control of this market. If the current daily candle closes anything like it is at the moment then it would make for a nice hammer candle indicating further bullish action.
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
