Is Bitcoin Cash Ready To See A Reversal?

Bitcoin Cash BCH/USD is trading lower Friday at $527.67 at last check. Bitcoin Cash recently bounced at support twice and now looks to be curling back up toward resistance.

Bitcoin Cash Daily Chart Analysis

• Bitcoin Cash recently bounced at support and is now looking to start heading higher toward resistance.
• The crypto trades above the 50-day moving average (green), but below the 200-day moving average (blue), indicating there is likely a period of consolidation happening.
• The 50-day moving average may hold as support, while the 200-day moving average may act as resistance.
• Bitcoin Cash looks to have three key levels: the $400 level is where support was just found, while the $800 and $1,200 levels are both potential areas of resistance on the chart.
• The Relative Strength Index (RSI) has been moving up and now sits at 59. If the RSI keeps climbing with price, Bitcoin Cash could see a breakout over resistance.

What’s Next For Bitcoin Cash?

Bullish traders are looking to see the price form higher lows and head toward resistance. They eventually want to see Bitcoin Cash cross above resistance and push higher.

Bearish traders would like to see Bitcoin Cash turn around and start falling back toward support. Bears would like to see the crypto break below support and start to hold it as resistance. This could cause a further bearish push.