Bitcoin Cash Could Be Ready To Break Soon

Bitcoin Cash BCH/USD is trading lower Thursday as the crypto market cools off. The majority of the cryptocurrency market traded green Wednesday including Bitcoin Cash. Now the market is seeing profit-taking, thus pushing the price down.

Bitcoin Cash was down 2.38% at $605.95 at last check Thursday.

Bitcoin Cash Daily Chart Analysis

• Bitcoin Cash bounced at support a couple times and is now trending higher toward resistance.
• The crypto trades above the 50-day moving average (green), but got rejected at the 200-day moving average (blue) Thursday, indicating sentiment could start to look bullish soon.
• Bitcoin Cash may find support near the 50-day moving average, while the 200-day moving average may continue to hold as resistance.
• The $800 level has been an area in the past where the crypto has found resistance. Bitcoin Cash saw a couple of bounces at support and now looks to be heading toward resistance along the higher low trendline.
• The Relative Strength Index (RSI) also has been moving higher and now sits at 65. The RSI is nearing the overbought range, if this continues the price may move upwards.

What’s Next For Bitcoin Cash?

Bullish traders are looking to see the price trend higher along the higher low trendline and then a breakout above resistance. Consolidation above resistance may let the price see another leg up in time.

Bearish traders would like to see the price crack below the higher low trendline. This could cause the crypto to start downtrending. Bears want to see the RSI start falling and cross below the mid-line.

See also: HOW TO BUY BITCOIN CASH (BCH)