- BCH/USD bulls took the price up from $127 to $131.
- The buyers will need to break past resistance at $137.25.
BCH/USD bulls took over the market this Wednesday by pushing the price up by 3% from $127 to $131, based on market speculation. Technical analysis shows a repeated pattern for growth and consolidation over the last few sessions. The bulls will need to breach resistance at $137.25 to build positive momentum and break the pattern.
BCH/USD daily chart
The upward trending line has acted as a support for the market over a long period. With this Thursday’s session, the market was able to creep above the 20-day simple moving average (SMA 20) curve and enter the upper half of the 20-day Bollinger band, both being bullish signs. The moving average convergence/divergence (MACD) histogram also shows decreasing bearish momentum. The chart tells us that BCH/USD over the last few sessions has had periods of growth followed by immediate consolidation.
In order to break past this pattern, the bulls will need to garner enough momentum to break past the resistance at $137.25.