Daily Bitcoin Cash BCH Technical Analysis

• Bitcoin Cash price has flipped the parabolic SAR from bearish to bullish.

• The 4-hour BCH chart shows sustained bullish momentum.
  

Since January 28, the Bitcoin Cash price rose from $375 to $530. In the process, BCH managed to flip the 20-day SMA from resistance to support. Let’s take a closer look as BCH enters $500 for the first time since January 20.

 

Bulls In Control Of Bitcoin Cash Price For Three Straight Days

As Bitcoin Cash price enjoys three straight bullish days, we expect it to soon take down the $550 level. The parabolic SAR has reversed from bearish to bullish, showing that the overall market sentiment is positive. The relative strength index (RSI) shows that the asset has more space to grow before it gets overvalued.

Image: BCH/USD daily

IntoTheBlock’s IOMAP tells us that there are moderate-to-weak resistance barriers at $560 and $600. At the former, 31,000 addresses had purchased 96,000 BCH coins. If the Bitcoin Cash price breaks above this level, it should reach $600.

Image: IntoTheBlock

In the 4-hour Bitcoin Cash price chart, the MACD shows sustained bullish momentum, which the 50-bar SMA has crossed over the 200-bar SMA to form the golden cross pattern. Both of these signs are extremely bullish.

Image: BCH/USD 4-hour

Bitcoin Cash Price Is Expected To Reach These Levels

We expect Bitcoin Cash price to breach past the $560 barrier and reach the $600 psychological level.