- Bitcoin Cash (BCH) has experienced strong growth supported by technical factors.
- The key resistance is created by 200-day SMA at $273.00.
Bitcoin Cash (BCH) extended the upside momentum and hit $262.80. BCH/USD gained over 7% in a matter of hours amid strong bullish momentum based on technical factors. At the time of writing, the coin is changing hands at $262.40, while with the current market capitalization of $4.79 billion and an average daily trading volume of $1.74.
BCH/USD: Technical picture
On the daily charts, BCH/USD is trading above the upper line of the Bollinger Band at $255.50. This technical level serves as local support and the first correction target. If it is broken, the sell-off may be extended towards 100-day SMA at $238.60 and 50-day SMA at $234.65. This level is also reinforced by the middle line of the daily Bollinger Band.
However, the upward-looking RSI implies that the coin has not exhausted its bullish potential as of yet. BCH/USD may continue moving upwards with the next aim at 200-day SMA at $273. The price has been moving below this MA since March 9 and tried to break it on several occasions, which makes it a strong hurdle on the way to $300.00.
BCH/USD daily chart
-637314482781319027.png)
Share
