Bitcoin Cash Price Analysis: BCH/USD Retesting Area of Interest
Bitcoin Cash recently busted through a near-term area of interest around $550-600, signaling that bulls are gaining control of price action. This also happens to be the neckline of a double bottom classic reversal chart pattern.
However, the price seems to be hesitating at yet another resistance area around $650, leading to some profit-taking and a pullback. A steep rising trend line can be drawn to connect the latest lows and this might serve as support since it lines up with the area of interest.
The 100 SMA is just attempting to cross above the longer-term 200 SMA to confirm that bullish pressure is returning. Then again, this might be indicative of range-bound action as the moving averages had previously been oscillating.
Besides, Stochastic is just making its way down after reaching overbought territory, indicating that a return in selling pressure is just getting started. RSI has also turned south and has plenty of room to cover before hitting overdone levels, which means…
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