Bitcoin Cash Has Been Climbing Toward Resistance And Looks Ready To Breakout

Bitcoin Cash BCH/USD is trading higher Friday as the crypto market pushes higher.

Many popular cryptocurrencies are trading higher today including Bitcoin BTC/USD, Litecoin LTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD. Bitcoin Cash sits at no. 12 in the rankings of cryptocurrency market caps.

Bitcoin Cash was up 2.92% at $679.48 at last check.

See Also: How To Buy Bitcoin Cash

Bitcoin Cash Daily Chart Analysis

  • Bitcoin Cash has been trading along a higher low trendline (orange) and is getting close to a previous resistance level.
  • The crypto trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment in the stock is looking bullish.
  • Each of these moving averages may hold as an area of support in the future.
  • The $800 is an area in the past where the crypto has found resistance. Bitcoin Cash is holding the higher low trendline as support and may continue to as it stays above the level.
  • The Relative Strength Index (RSI) has moved higher the past few weeks and now sits at 65. The RSI is close to the overbought area, where much more buying pressure will be moving through the crypto than selling pressure.

What’s Next For Bitcoin Cash?

Bullish traders are looking to see the price stay above the higher low trendline and then breakout above resistance. If Bitcoin Cash can hold above the $800 level and consolidate, then it may see a further upward push.

Bearish traders would like to see the price crack below the higher low trendline. This may cause the beginning of a downtrend and possible further moves downward toward the potential $400 support level.

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Posted In: CryptocurrencyLong IdeasShort IdeasTechnicalsMarketsTrading IdeasBitcoin Cash
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