Bitcoin Cash price is climbing higher after a downside correction in BCHUSD pair from the $350 resistance level. If the uptrend continues, the price could retest the said resistance level.
The price of Bitcoin Cash (BCH) was trading yesterday, August 7 in a bullish trend above the 12 and 26-day Exponential Moving Averages (EMAs). BCH bulls have broken the 12-day EMA and it is approaching the 26-day EMA. At the moment, Bitcoin Cash price is facing resistance at the 26-day EMA.
On the upside, if BCH bulls break above the $340 level, Bitcoin Cash price will climb towards the $350 resistance level. On the downside, if there is no break above $340, the price of BCH will decline towards the $330 support.
Looking at the 1-hour chart shows, BCHUSD price is in a bullish trend. The EMAs are trending upward which is an indication that the price is in a bullish trend. Yesterday, the BCHUSD pair declined below the $340 support level and tested the $330 support level. Today, August 8, the price of BCHUSD is climbing higher, with an immediate resistance near the $340 level.
In the meantime, the BCHUSD price is in the oversold region of the daily stochastic while above the 20% range. This is an indication that BCH price is in a bearish momentum and sell signal.
Resistance Levels: $340, $350
Support Level: $330
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