BCH Technical Analysis: Trend Reverts To Test Resistance Trendline

The BCH prices take a bullish reversal to challenge the overhead resistance of the descending resistance trendline to give an upside breakout. Key Technical Points: The Bitcoin Cash market price rose by 20% over the past three days, challenging the resistance trendline. The reversal trend faces the confluence of the resistance trendline and the 50-day EMA. With a market cap of $2.54 billion, the intraday trading volume of Bitcoin Cash has increased by 68% to reach $495 million. Past Performance of BCH The Bitcoin Cash (BCH) price action displays a long-coming resistance trendline in the daily chart. This resistance trendline keeps the bullish growth in check. The buyers keep challenging the overhead resistance despite multiple failures, with the recent 20% jump in the last 72 hours coming after a 20% drop last week. Currently, the price trend faces a confluence of the 50-day EMA and the overhead resistance trendline. Source – Tradingview BCH Technical Analysis The BCH price chart displays a spike in intraday trading volumes supporting the bullish trend reversal. The sellers have held their ground, undermining fluctuations in buying pressure, as marked in the chart. The price action also suggests an inverted Head and Shoulder pattern with the resistance in line acting as the neckline. Hence, a bullish breakout of the resistance trendline will unleash a trapped bullish momentum. The daily RSI slope spikes above a resistance tren...