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  • Bitcoin Cash advancement towards $500 seems imminent.
  • Prevailing bullish action is likely to last especially if the gap between the 50-day SMA and the 200-day SMA continues to widen.

Bitcoin Cash topped $450 overnight to form a new 2020 high at $463. The price has since adjusted to $457 as dust settles. Bitcoin Cash is likely to settle above $450 in the coming sessions according to the prevailing technical picture.

First, the RSI is sitting comfortably above 70. If the sideways action continues, BCH is likely to settle in sideways trading. However, the bulls will remain largely in control with the path of least resistance being to the upside.

The daily chart shows the SMA50 having crossed above the 200SMA. As long as the gap between these two moving averages continues to widen, BCH could have the potential to push towards the psychological $500. The MACD also confirms the impending growth towards $500 with the visible bullish divergence.

BCH/USD daily chart