Bitcoin Cash Market Update: BCH/USD retreats from $280 post halving
|- Bitcoin Cash price rejected at $280 amid the halving but finds support above $260.
- Various technical levels point towards a consolidation movement ahead of a breakout towards $300.
Barely a day after Bitcoin Cash reward halving took place, buyers are already experiencing increased pressure from the sellers. The brief rally at the beginning of the week stalled at $280, leaving $300 untested. Halving ensures that the network is able to achieve the maximum supply, in this case, 21 million BCH coins.
Bitcoin Cash has now undergone its first halving after it forked from Bitcoin in 2017. Unlike past halvings for Bitcoin, Bitcoin Cash is yet to experience massive price rallies and volatility. It is clear that the trend is changing and May 2020 halving for Bitcoin could also pass with not much action coming into play.
Bitcoin Cash Price analysis
At the time of writing, Bitcoin Cash is trading at $265. Movements upwards are limited by the 50-day SMA and the 200-day SMA. In addition to that, the RSI leveling motion signals that Bitcoin Cash could commence consolidation between $260 and $270. The MACD bullish divergence emphasizes that buyers have an upper hand. In case technical levels remain the same, Bitcoin Cash consolidation could eventually culminate in a breakout towards $300.
BTC/USD daily chart
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