Confirmation to the bulls’ takeover was seen as the next daily candle closed as bullish engulfing above the two EMAs.
Key Highlights:
- Further increase in Bitcoin Cash price is certain;
- bulls were in control of the BCH market;
- price pullback is inevitable.
BCH/USD Price Long-term Trend: Bullish
Resistance zone: $655, $788, $919
Support zone: $568, $501, $410
The bears lose pressure in this zone and the bulls gained momentum. The strong bullish pressure after the Doji formation at $410 in the support zone signaled the bulls returned. Confirmation to the bulls’ takeover was seen as the next daily candle closed as bullish engulfing above the two EMAs. Increased bullish momentum led to the breakup of the former resistance zones of $501 and $568.
BCH price is above the two EMAs and 21-day EMA is crossing the 50-day EMA upside to confirm the bulls’ pressure and certainty of BCH price increase. Meanwhile, RSI period 14 is at the 80 levels ( overbought zone ) and its signal line point down indicates sell signal which may be a pullback which is necessary for the market correction as this will guarantee uptrend continuation.
BCH/USD Price Medium-term Trend: Bullish
BCH price is above the 21-day EMA and 50-day EMA which is an indication of a bullish trend. The RSI period 14 is at 80 levels (overbought zone) and its signal line points toward south connote sell signal which may be a pullback.
next