Bitcoin Cash has had quite the run over the past 24 hours, breaking past several key resistance levels and racking up double-digit gains. The price could be on track to testing the next major ceiling around $400-450 but technical indicators are still reflecting bearish pressure.

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside or that the selloff is still more likely to resume than to reverse. However, Bitcoin Cash has closed above both moving averages that typically serve as dynamic resistance on a downtrend. This is an early indication that bulls are getting the upper hand, and a crossover could confirm that momentum is here to stay.

RSI is already in the overbought zone, though, so buyers might be feeling exhausted at this point. This oscillator has yet to turn lower to signal a return in bearish momentum. Similarly stochastic has been indicating overbought conditions for quite some time and may be due to turn lower.

A short-term pullback could find support at the $150 area near the 200 SMA or the 100 SMA dynamic inflection point. Note also that Bitcoin Cash has broken past the $200 key area, so more bulls could be charging to sustain the rally at this point.

Analysts say that the mining war for Bitcoin Cash has been concluded, with Bitcoin ABC emerging stronger compared to rival Bitcoin SV. This has been based on “more hashrate, more exchanges, more wallets, more everything” for Bitcoin ABC as Roger Ver put it.

However, Bitcoin SV proponent Craig Wright insists that the battle is far from over and that it is more long-term. In the end, he says only one cryptocurrency can be in existence. Still, the consensus decision appears to be easing some of the uncertainty that was seen to have launched the cryptocurrency world in a bear market to begin with.

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