Overcoming the market-wide correction phase, BCH price manages to avoid a sharp reversal seen in many altcoins. Bitcoin Cash’s price is moving close to the 50-day EMA and absorbs the incoming at $228 with grace.
Moreover, with the recent late-night jump in Asian markets, the BCH price is teasing the early phase of a bull run.
Taking constant rejections from the $228 overhead ceiling, the BCH price action displays a higher price rejection. Leading to a double top pattern, the Bitcoin cash’s price reverted to the 50-day EMA, increasing the chances of a downfall.
Delaying the breakdown with days of consolidation, the altcoin is now regaining the bullish momentum. Moreover, the altcoin price jumped by 2.71% last night, undermining the consolidation and a bearish candle to form a bullish engulfing candle.
Currently trading at $212.68, the BCH price is sustaining above the 50-day EMA with an intraday growth of 1.11%. This increases the chances of a prolonged uptrend to challenge the $228 overhead ceiling.
Moving to the indicators, the momentum indicators present a bullish reversal viewpoint for BCH price.
Technical indicators:
RSI indicators: The daily RSI reverses from the halfway line after forming an arch. The reversal indicates a resurgence in the bullish momentum.
MACD indicators: The MACD and signal lines avoid a bearish crossover with the recent price jump. This revives the bullish histograms and teases a prolonged uptrend.
Will BCH Price Touch $300?
Avoiding a drop to retest the broken trendline adds brownie points to the BCH price bullish team. However, the challenge will be sustaining the uptrend against the overhead supply at $228. Nevertheless, short-term traders can find the journey to $228 profitable.
Considering the buyers break past the $228 hurdle, the uptrend fueled by unleashed momentum will reach $300. On the flip side, if it encounters resistance at $228, then it could fall to the 200-day EMA and test the $180 support level.
