- BCH/USD trend is strongly bullish but it is very unlikely that we will see correction above $140.
- The buyers have the energy to keep the price above $135 short-term support.
Bitcoin Cash has finally broken out of the range resistance we explore in its price analysis yesterday. The market is breaking out, however, the gains of the majority of the cryptos cannot match those of Bitcoin Cash. At the momentum, Bitcoin Cash is trading at $137.46 having added 4.85% to its value on Friday. Other major assets like Bitcoin, Ethereum, and Ripple are correcting higher 0.69%, 1.87% and 0.77% in that order.
BCH/USD trend is strongly bullish but it is very unlikely that we will see correction above $140 in the coming sessions on Friday. Looking at the technical levels, traders should expect Bitcoin Cash to trim some of the gains posted today.
If the trend reverses and reenters the recently cleared range resistance, BCH/USD could correct further down to the range support at $125 but before that, there are other smaller support levels at $132 and $130.
The current bullish trend appears to have fizzled out short of $138 immediate resistance although the MACD (+0.16) is heading north while the RSI is in the overbought region at 80.85. The buyers have the energy to keep the price above $135 short-term support but sustained growth towards $140 remains very skeptical.
BCH/USD 1-hour chart