BCH Price Analysis: Bulls rising the gains near 200 day EMA

• BCH shows a rise in momentum shifting the uptrend gradually.
• Bulls are taking charge for the past weeks delivering an uptrend.

BCH price shows bullishness on the daily chart, gaining strength; bulls are now looking in perfect shape and delivering the rise in volumes and price. The enormous rise in the last few trading sessions trapped the sellers maintaining the grips near $115, which was the primary resistance. 

The resistance mark was now smashed, and BCH is moving across it and now facing a barrier of a 50-day EMA.  BCH token is ready to fly over the bars and shine with sparkles. The up move is getting blasted, and sellers look exhausted and drained. Moreover, the bulls showed strange activity and rushed above the resistance bar of $110, and a short covering move was noted.

When writing, the BCH token is trading at $118 with a massive intraday gain of 4.01%, and the trading volume also jumped by 15.17%. Moreover, the price action shows that the bulls are gaining strength and their aggressive muscles in front of bears. 

BCH Daily Charts Shows Bulls Voyage

On the daily chart, the BCH token is ready to break the barrier of 50-day EMA and will resume the sharp uptrend. The price action indicates that the token is under the hands of bulls who are setting eyes toward the trajectory swings of $125 to be tested in the upcoming sessions. 

Moreover, the symmetrical triangle pattern was also noted on the chart, and the pattern’s neckline is near to $122, which is near to 100-day EMA, reacting as a hurdle. If buyers sustain above $122, then bulls gain more strength, and a much-awaited breakout can be seen.

Short Term Charts Shows Massive Upside

On the 4-hour chart, the BCH token is ready to fly above the 50-day EMA and raise the uptrend momentum with sprinkles of gains. However, sellers were also waiting for a moment when they waited for a retracement phase to book profits. 

The RSI is flying towards the overbought zone and indicating a massive upside was gained by bulls in the last few sessions.

BCH is clearing the range of congestion where lots of sellers were planned before any move, but the token was dragged upside, and sellers were trapped. The token gave a much-awaited bounce which increased the courage of bulls. 

The MACD indicator is expanding the green bars on the histogram and showing a massive bullishness on the index. Moreover, the bullish crossover was still more dedicated to greeneries. 

Conclusion:

BCH token rises with a rise in volumes, suggesting that investors are active on the token and make new long positions, resulting in a bounce from the support of $115.

Technical Levels:

Support Levels: $110

Resistance Level: $150

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.