Bitcoin Cash market update: Unable to break $300 resistance, BCH/USD shifts focus to $240
|- Bitcoin Cash falls into a ranging channel between $300 and $280 after gains above $300 became unsustainable.
- The 50 SMA above the 100 SMA suggests that the bulls have the upper hand.
Bitcoin Cash managed to push gains above the coveted $300 level earlier this week. However, an immediate reversal approached $280. Over the last two days, BCH has been pivotal at $290 level.
Meanwhile, the downtrend has broken below the short term ascending trendline. Bitcoin Cash is trading at $288 after correcting lower 0.16% on the day. The price is teetering above the Simple Moving Averages (SMAs) on the four-hour chart. The 50 SMA forms a confluence with the 50% Fib retracement level between the last swing high of $307.43 to a swing low of $198.13 to offer support at $253.33.
The next support target is $240 and is within reach especially with the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) retreating from levels above 70 and +14 respectively.
BCH/USD 240’ chart
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