BCH/USD Market Overview: Bulls push the price up by 7.5% this Friday

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  • BCH/USD went up to $141 from $131 this Friday.
  • Technical analysis shows that further bullish movement is expected.

BCH/USD bulls took control and pushed the market up by 7.5% as the price went from $131 to $141. The technical analysis shows that further upward movement is expected. Critical resistance lies at $148 as bulls will attempt to breach past the level.

BCH/USD daily chart

The BCH/USD daily market has had a bullish breakout from the flag formation. The last session has pushed the market above the upper curve of the 20-day Bollinger band and converted the Elliot wave oscillator from bearish to bullish. The narrowing of the Bollinger band also shows decreasing market volatility. The relative strength index (RSI) curve shows a spike towards the overbought territory. The moving average convergence/divergence (MACD) indicates a reversal of momentum from bearish to bullish. These bullish signs indicate that further upward movement is expected.
 

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