Over the weekend, BCH experienced a slight dip, returning to test the 50-day EMA’s resilience. Yet, as Monday rolls in, kickstarting a new week, BCH records an intraday growth of 1.51%. This post-retest reversal heightens the anticipation of a bullish resurgence.
Last week, Bitcoin Cash made headlines, signaling a strong upward move, breaking past short-term barriers and teasing a jump toward $300. After a cool-off from the staggering 200% rise in June, the BCH price revisited the 200-day EMA, hovering around $180.
Celebrating an 18% rebound last week, the BCH price has successfully surpassed the 50-day average, sealing a full positive swing within the defined $180-$228 bracket.
Over the weekend, BCH experienced a slight dip, returning to test the 50-day EMA’s resilience. Yet, as Monday rolls in, kickstarting a new week, BCH records an intraday growth of 1.51%. This post-retest reversal heightens the anticipation of a bullish resurgence.
BCH’s price faces a stiff challenge at $228 above the resistance trendline. Currently positioned at $213, Bitcoin Cash remains firmly above this trendline.
Narrowly evading the dreaded ‘death cross,’ this bounceback suggests a breakout from this range. Unshackling the pent-up momentum within, BCH seems poised to continue its bullish march.
Technical indicators:
RSI indicators: The daily RSI traces a sharp ascent, nearly touching the ‘overbought’ boundary, echoing the bullish sentiment.
MACD indicators: The rally’s reversal has aided the MACD and its signal lines, opening up a widening bullish gap.
Will Bitcoin Cash (BCH) Price Exceed $228?
From a daily chart, BCH looks primed to breach the $228 threshold, paving the way for a significant leap to $300. The upcoming SEC verdict on Bitcoin ETF in October could also play a decisive role in dictating BCH’s price direction.
On the other hand, should BCH face downward pressure from the $228 level, it might revisit the 200-day EMA, testing the bullish stronghold around $180.
