Bitcoin Cash Trades Higher In A Market That Cooled Off Thursday

Bitcoin Cash BCH/USD is trading higher Thursday as one of the few cryptos that is trading green today. Bitcoin Cash is trading higher alongside other popular cryptos such as Litecoin LTC/USD, and Bitcoin SV BSV/USD.

Bitcoin Cash was up 24.06% at $666.24 at last check Thursday afternoon.

Bitcoin Cash Daily Chart Analysis

• Bitcoin Cash has been trading above a higher low trendline (orange) and is nearing an old resistance level, possibly getting ready to breakout in what technical traders call an ascending triangle pattern.
• The $800 is an area in the past where the crypto has found resistance. Bitcoin Cash is holding the higher low trendline as support and may continue to as it stays above the level.
• The crypto trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment in the crypto is looking bullish.
• Each of these moving averages may hold as an area of support in the future.
• The Relative Strength Index (RSI) has been moving sideways above the middle line and now sits at 56. This means the crypto has seen more buying pressure in the past few weeks than selling pressure.

What’s Next For Bitcoin Cash?

Bullish traders want to see the crypto continue to trade above the higher low trendline. Bulls would then like to see the crypto cross above resistance and move higher. If the price can hold above the $800 level and consolidate, the crypto could see its next leg up.

Bearish traders would like to see the price fall below the higher low trendline and start to fall toward the potential $400 support. A break below the higher low trendline could hint that the crypto is changing trends.