BCHUSD going for the 3rd attempt to break above the 1D MA100

Bitcoin Cash (BCHUSD) has been trading below a Lower Highs trend-line since the May 12 2021 High. So far we've had 3 major rejections on that trend-line. Even though the coin is still not outside of this long-term bearish trend, on the short-term the price is attempting to establish a respectable bullish move as it is going to make the third attempt to break above the 1D MA100 (green trend-line) within a 1 month time-frame. This trend-line has been intact since April 26.

If that breaks, it will issue the first signal that we may finally see a bullish break-out above the Lower Highs, as the 1D MACD will make a Bullish Cross. The immediate Resistance level if a break-out takes place, will be the 1D MA200 (orange trend-line), which is right above it but mostly the 1W MA50 (red trend-line). Above the Resistance (previous Lower High) of 395.50, Bitcoin Cash officially enters a new long-term parabolic rally.

Note that what gives more chances to the upside right now is the fact that the 1W RSI is above its MA. If the MA holds as a Support, it will further boost the bullish potential.


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