Bitcoin Cash is trading higher in a market that cooled on Thursday

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Bitcoin Cash (CRYPTO: BCH) is trading higher on Thursday as one of the few cryptos that is trading green today. Bitcoin Cash is trading higher alongside other popular cryptos such as Litecoin (CRYPTO: LTC) and Bitcoin SV (CRYPTO: BSV).

Bitcoin Cash was up 24.06% to $ 666.24 during the last check on Thursday afternoon.

Bitcoin Cash Daily Chart Analysis Bitcoin Cash traded above a lower trendline (orange) and is approaching an old resistance level, possibly preparing to erupt into what the Technical traders call it an ascending triangle pattern. The $ 800 is one area in the past where crypto has encountered resistance. Bitcoin Cash maintains the highest low trendline as support and may continue to stay above the level. The crypto is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating that sentiment in the crypto appears to be bullish. Each of these moving averages may be a support area going forward. The Relative Strength Index (RSI) has moved sideways above the midline and now stands at 56. This means the crypto has been under more buying pressure in recent weeks than pressure from sale.

What’s next for Bitcoin Cash?

Bullish traders want to see the crypto continue to trade above the lower trendline. The bulls would then like to see the crypto cross above resistance and rise higher. If the price can hold above the $ 800 level and consolidate, the crypto could see its next step up.

Bearish traders would like to see the price fall below the lower trendline and start falling towards the potential support of $ 400. A break below the lower trendline could suggest that the crypto is changing its trend.

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