Bitcoin Cash Technical Analysis: BCH/USD gets rejected at $300 but has a strong bullish momentum

BCH/USD bulls tried to crack $300 but got rejected at $297.
BCH is getting a significant increase in trading volume over the past few days.

Bitcoin Cash has been following Bitcoin for the most part with a breakout of its own above $240. The trading volume has been increasing significantly over the past week which indicates the bullish momentum is strong.

BCH/USD daily chart

BCHUSD

BCH price is currently at $292 after a slight rejection at $300 but this doesn’t mean the digital asset will not break the resistance level in the short-term. BCH is clearly trading above both daily EMAs and in an uptrend, however, it still needs to beat $427, the 2020-high.

The next resistance point is located at $300 and $353, a high established in March before the crash. After that, BCH has a pretty clear way towards its 2020-high and $500.

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