- Bitcoin Cash trends higher above $180 bringing $200 in sight.
- Steam appears to have fizzled out and BCH/USD is prime for consolidation.
BCH/USD is among the biggest single digit gainers today having spiked formidably past $180 for the first time since December 2018. The crypto joined other digital assets in embracing the bullish wave that swept across the market during the European session. The cryptocurrency live rates indicate a daily rise of 9.6% in value to current $182.61.
The daily timeframe chart shows Bitcoin Cash trending higher above the 100 SMA. However, the 200 SMA is still positioned as resistance at $257.12. The RSI in the same range is back in the overbought region. Over the last two weeks, the RSI indicator has been brushing shoulder with 70 and has avoided the oversold zone since December 18. It is clear that in spite of the up and down movement, the bulls have been mostly in control.
The current bullish momentum has cleared the resistance at $170 as well as $180. However, steam appears to have fizzled out and BCH/USD is prime for consolidation. On the other hand, the buyers must clear the levels towards $200 and establish higher support in order to sustain the trending market. Correction above $200 will be a key catalyst to the asset that dipped below $80 in December 2018. On the downside, there exist key support levels at the 200 SMA, $100 and $73.36.
BCH/USD daily chart
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