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Bitcoin Cash Price Analysis: BCH/USD climbs above $250 before facing correction

FX Street
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  • Both the MACD indicator and the Elliott Oscillator show increasing bullish sentiment,
  • The SMA 20 is looking to crossover with the SMA 50 curve.

BCH/USD daily chart

BCH/USD daily chart

BCH/USD climbed from $242.60 to $246.35 in the early hours of Wednesday. It actually managed to go all the way up to $255, trending above the $250-level for the first time since November 18, before facing bearish correction. The price is sitting on the upper jaw of the 20-day Bollinger Band. Both the Moving Average Convergence/Divergence (MACD) and Elliott Oscillator show increasing bullish sentiment. The Relative Strength Index (RSI) indicator is trending at the edge of the overbought zone, indicating that more bearish correction may be round the corner.
 

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