Bitcoin Cash Price Analysis: BCH/USD soars 4% to test $255 resistance
|- Bitcoin Cash breaks several barriers including $245 and $250 amid widespread cryptocurrency gains.
- BCH/USD hits a wall at $255 but buyers are intentional in keeping the price above o$250.
Bitcoin Cash has been at the helm of recovery on Monday. The price action follows weekend support in the range between $230 and $235. Immense buyer congestion in the support pulled Bitcoin upwards. Initially, Bitcoin Cash overcame the resistance descending trendline. There was a struggle to clear the selling pressure at the 50 SMA as well as the 100 SMA at $245 in the 4-hour range.
At the time of writing, BCH/USD has retreated from the intraday high at $255. The crypto has a market value of $250. Sellers seem to be gaining momentum against the bulls. Therefore, if the short term support at $250 fails to hold, BCH could retreat father down to test the resistance turned support at 100 SMA ($245). On the upside, breaking the hurdle at $255 could pave the way for gains towards the key resistance range: $270 - $2750.
From a technical perspective, buyers have the upper hand in spite of the minor retreat. The RSI has been rejected from the overbought and is currently seeking support 60. Looking at the MACD, the bulls are likely to be in control of the price a while longer especially if they can keep BCH above $250.
BCH/USD 4-hour chart
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