Bitcoin Cash bulls refuse to give up in this battle to $300
|- Bitcoin Cash stays above the 100 SMA support; all eyes are on the key $300 hurdle.
- Technical levels suggest that the current indecision is likely to last longer than expected.
Bitcoin Cash turned around after finding a bottom at $200 in October. This allowed for the price to rise to levels above $300 in the last week of October. However, the trading in November has kept the Bitcoin Cash mostly below $300. Trading activity above $300 has been greatly hampered by the increasing selling pressure.
As discussed in an earlier published analysis, the failure to break above $290 puts the recent support at $270 within the bears’ spectrum. However, BCH buyers are showing resilience in their fight to $300. A step above $290 will pave the way for the much-anticipated correction to $300.
The immediate downside is supported by the 100-day SMA currently holding position at $278.64. Extended declines below the recent support at $270 is likely to take refuge with the 50-day SMA at $246.88.
Technical indicators like the RSI and the MACD are in sideways motions, which shows the current cloud of indecision over BCH. The RSI is horizontal at 60 while the MACD is in the positive region and holding the ground at +14.65. A bullish cross will signal a possible uptrend above $290 but a bearish cross towards the mean line could see BCH retest $270.
It is essential that Bitcoin returns above $300 if the bulls want to stir up action above the supply zones at $350 and $500 respectively before the year ends.
BCH/USD daily chart
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