Bitcoin Cash market update: BCH/USD explodes past $300; $320 remains unconquered
|- Recovery staged on Friday has seen Bitcoin Cash make tremendous progress towards $320.
- Bitcoin cash is trading at $313 while struggling to secure higher support preferably above $310.
Bitcoin Cash price calculated effort directed against key resistance levels failed to infiltrate $340 hurdle on Sunday. The discouraged bulls fell at the hands of the bears who had an intense desire to see BCH/USD under $300. The forceful pressure by the sellers has dominated the entire trading week’s trading. Moreover, BCH downside did not stop at $300 but stretched towards $280 forming a low at $282.54 on Wednesday.
A forged recovery from the weekly low paced above the moving averages starting with the 21 Exponential Moving Average (EMA) 1-hour, the 50 Simple Moving Average 1-hour and the 100 SMA 1-hour. Nonetheless, the descending trendline resistance stayed unconquered. Instead, a reversal occurred on Thursday sending BCH/USD back under $300.
On the other hand, another recovery staged on Friday has seen Bitcoin Cash make tremendous progress in an engulfing candlestick. A break past the trendline resistance further elevated the price above $315 resistance but the momentum stalled short of $320.
For now, Bitcoin Cash is trading at $313 while struggling to secure higher support preferably above $310. The full stochastic oscillator shows that the bulls still have the power to first, establishing support and second, glance to higher levels past $320.
BCH/USD 1-hour chart
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