Market Overview: BCH/USD Goes Up By 3% As Bulls Take Over The Market

BCH/USD bulls took over the market this Wednesday by pushing the price up by 3% from $127 to $131, based on market speculation. Technical analysis shows a repeated pattern for growth and consolidation over the last few sessions. The bulls will need to breach resistance at $137.25 to build positive momentum and break the pattern.

BCH/USD daily chart

(Click on image to enlarge)

The upward trending line has acted as a support for the market over a long period. With this Thursday’s session, the market was able to creep above the 20-day simple moving average (SMA 20) curve and enter the upper half of the 20-day Bollinger band, both being bullish signs. The moving average convergence/divergence (MACD) histogram also shows decreasing bearish momentum. The chart tells us that BCH/USD over the last few sessions has had periods of growth followed by immediate consolidation.

(Click on image to enlarge)

In order to break past this pattern, the bulls will need to garner enough momentum to break past the resistance at $137.25.

Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and ...

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