Bitcoin Cash has run into overhead resistance after surging from lows of $479 to reach highs of $530. Although significantly lower as compared to the current year’s highs of $630, the uptrend could see bulls target the zone with a breakout.
The encouraging sign for BCH bulls is that the market aggressively bought the last dip. If buyers can thus push prices above $530 and sustain pressure near $580, the next move could involve the reload zone near $630.
The RSI maintains a positive divergence as it looks to turn into the overbought territory. Meanwhile, the 20-SMA and 50-SMA curves are also upsloping to suggest a bullish bias.
If bulls manage to reach $630, the next major target will be $800.
On the downside, rejection below the trendline could see BCH/USD decline to the 20-SMA ($462) and then 50-SMA ($366).