Bitcoin Cash (BCH) maintains its stance to be one amongst the top 5 cryptos of the market and leaves altcoins like BNB, LINK, LTC behind with a striking positive momentum in the intraday. After a steep pullback in the previous month, BCH price had tested bottom at $203, which is close to hitting the major support at $200. However, with a lack of steady momentum against the greenback, the coin pulled back from the 5-month high that it had hit in August 2020.
Irrespective of the price dynamics, the BCH coin has been drawing a controversial crossover with a bullish intraday but lacking momentum to hit the YTD high that it claimed at the onset of the year. However, the short-term is positive as the coin has drawn from the low of $216, marked in the last week of the previous month, to currently trading at $238.
Bitcoin Cash Price Analysis
At the press time, Bitcoin Cash price was seen trading at $238.91 with a positive sentiment drawn after crossing above $220, $230, and $235. With a bullish crossover over the past two weeks, the price trend of BCH/USD is seen breaching the upper BB, and with the recent strengthening, the coin is retaining support from SMA50 & SMA200 on a 4-hourly chart.
The price pullback over the past two months has been a real concern, and as per the current formation of Bollinger Bands, it is likely to experience a bullish breakout soon. The MACD of BCH draws a bullish divergence and confirms the intraday positive crossover over the past two weeks. The RSI is also seen inclined towards the overbought region and lies at 70.16.