Bitcoin Cash market update: $310 is still unconquered despite a weekend surge
|- Bitcoin Cash revives the uptrend after gaining momentum above the pivotal $300 level.
- A reversal is imminent for Bitcoin Cash following the full stochastic oscillator’s overbought conditions.
Bitcoin Cash has extended the higher low pattern after impressively chest thumping its way above the $300 pivotal level. A look at the hourly chart for BCH/USD trading pair shows an up trending market in the last couple of weeks. Besides, the crypto is up a 1.34% on the day after correction from the opening value at $303.19 to the current price at $307.3.
The uptrend broke out from the support at $295 and stepped above the simple moving averages; the 100 SMA on the one-chart and the 50 SMA. An engulfing candlestick over the weekend initially completed the leg above $300 before he buyers pushed the price towards $300.
The moving average convergence divergence (MACD) is sitting at ease within the positive zone. A visible bullish divergence signals that the bulls are gaining traction against the bears. However, $310 has been tested but unbroken. The full stochastic oscillator suggests that a reversal is around the corner having hit a high at $95.65.
Inline to offer support is the 50 SMA, the 100 SMA and the ascending trendline. Other levels to keep in mind are the former pivotal level at $300, $295 and $280. Bitcoin Cash buyers must push the price above $310 to avoid sliding back into the bearish range between $295 and $300.
BCH/USD one-hour chart
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