Bitcoin Cash market update: BCH/USD inches closer to $300 as market consolidates
|- BCH/USD adds 7.41% on the day in a consolidating market.
- Bitcoin Cash is poised for more correction to the upside as technical levels remain positive.
Bitcoin Cash extended its gains above $290. The digital asset came close to $300 but has retraced to the current value at $260. The cryptocurrency live rates on FXStreet say that BCH/USD is trending upwards 7.41%.
In spite of the retracement from the new 2019 high at $292.22, Bitcoin Cash is poised for more correction to the upside. Besides, the RSI at 70 shows that the buyers control. Moreover, the 100-SMA 1-hour is moving higher and increasing the gap between it and the longer term 200 to show that trend is likely to remain bullish in the coming sessions on Wednesday.
Another assault on $300 is needed to ensure that Bitcoin Cash can extend the gains. Importantly, support will be found at the trendline, $250, $200, $180 and $160 in that order in case declines reverse the trend to the south. Other key levels to look out for in the short-term are the 100 SMA –hour currently at $185.64, 50 SMA $174.30 the MACD at +19.20 and the RSI at 70.00.
BCH/USD 1-hour chart
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