Bitcoin Cash Price Analysis: BCH/USD bulls wrest back control and price consolidates below $250

• BCH/USD bounces up after finding support at the SMA 20 curve.
• The MACD shows that market momentum has reversed from bearish to bullish.

BCH/USD daily chart

Following a bearish Tuesday, BCH/USD bulls took back control as the price went up slightly from $246.90 to $247.50. The price bounced back after finding support at the SMA 20 curve. The MACD shows that market momentum has reversed from bearish to bullish. The Elliott Oscillator is back in the green following a red session. 

The price has strong resistance levels on the upside at $258.40, $267.55 and SMA 200. On the downside, apart from the SMA 20, there are healthy support levels at SMA 50, $233.50 and $217.

Key levels