- The Bitcoin Cash price is 3.15% higher against the dollar as bulls take control.
- Traders are now looking at the trend break to see if the trend will now change to move higher.
After producing a base formation between 207 and 215 the Bitcoin Cash price has started to move higher.
More recently on the hourly chart below the BCH/USD price has broken out beyond the 277.77 resistance area backed by a decent amount of volume on the Coinbase exchange.
Now the 242.00 resistance point is in focus. If the price breaks that consolidation high we can assume the trend will change to an uptrend.
Right now we are above the volume point of control. This is represented by the peak of the bell curve on the volume profile indicator on the right-hand side of the chart.
These areas act as a magnet for price and as long as the BCH/USD price stays above the 225.00 area we can say the price is above the mean value area and positive.
Overall, on the hourly chart, things are looking good for the bulls. On the daily chart, the next level of resistance is at 255.06.