Bitcoin Cash market overview: BCH/USD lethargic bullish momentum stalls at 61.8% Fib level
|- Bitcoin Cash remains bulls despite the confrontation at $330 resistance.
- Several support areas are ready to prevent declines from paralyzing the bulls.
Bitcoin Cash failure to break above $360 during the trading sessions last week. This left a gap that the bears wasted no time exploring. BCH/USD bearish action trimmed the gains first below the moving averages. The tentative support around the 38.2% Fib retracement level taken between the last drop from a high of $358.16 to a low of $267.35 close to $300.
The negative volatility surged sending Bitcoin Cash briefly under $270. A low established at $267.35 allowed the rebound above $300. The battle to break the resistance at $330 is yet to be won. Instead, Bitcoin Cash is trading sideways in a narrow range between the confluence created by the 50% Fib level and the 50 Simple Moving Average (SMA) and $330 hurdle.
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Several support areas are ready to prevent declines from paralyzing the bulls. They start from the above-mentioned confluence, $310, $300 and $290.
The trend is still inclined to the positive despite the inability to break above $330. The full stochastic oscillator brushed shoulders with 70. However, a possible retreat is likely to signal a reversal.
BCH/USD 1-hour chart
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