
- BCH coin is on the verge of giving a bullish crossover of the 20 and 50-day EMA
- The BCH/BTC pair was trading at 0.01259 BTC with a loss of 2.17%
- The current price of the BCH coin is $574, with an intraday loss of 3.44%
After rebounding from $384 support, the BCH coin chart displayed a remarkable ”V’-shaped price recovery of 50%. Furthermore, the chart also shows a breakout from the $550 neckline of a double bottom pattern, providing a great long opportunity for the BCH traders. Moreover, the price has already retested this level for valid support and continues today with a good follow-through green candle.
Concerning the EMA, the BCH coin is on the doorsteps of the 100 and 200 EMA, providing strong resistance to the price. These crucial EMA’s are pretty important for the BCH traders, as a breakout from them could offer them an excellent confirmation for the continuation of the bull rally. Moreover, the chart shows that the 20 and 50 EMA’s are also on the verge of giving a bullish crossover, attracting more buyers in the coin market.
The RSI (BULLISH) value is 62, indicating a bullish sentiment in the coin market. However, it shows a slight bearish divergence in the price.
BCH Coin Crypto Chart In The 4hr Time Frame
The BCH coin chart shows a decent rally in the 4hr time frame, clearly displaying the several breakouts of all the resistance levels in their way. Furthermore, the price has recently bounced from the $550 with a hammer candle and followed by a bullish engulfing candle, shows the price could climb to the $625 mark.
The MACD indicator (BULLISH) shows both the MACD line and the signal line are moving higher to the neutral zone(0.00), indicating a bullish momentum in the coin. Moreover, the indicator also shows the chart can soon provide a bullish crossover.
Conclusion: From the technical perspective, the BCH coin shows a solid bullish outlook from both the price action and the indicators, indicating a favorable scenario to seek good long opportunities. However, as mentioned above, the price has given a breakout from the crucial $550 resistance level and shows a reasonable probability of reaching $620 or higher. However, the barrier that stands in its way is the 100 and 200 EMA.
Support: $550
Resistance: $620
This news is republished from another source. You can check the original article here.
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