Bitcoin Cash Price Analysis: BCH/USD soars 5% amid a general bullish comeback
|- Bitcoin embarks on the mission to break $280 and $300 resistance zones, respectively.
- The MACD and the RSI send bullish signals, adding confidence within the bullish camp.
The cryptocurrency market is painted green everywhere following a comeback by the bulls to revenge the battering they endured the entire weekend and on Monday. Bitcoin Cash has not been left behind, besides the crypto asset is trading 5.27% higher towards the end of the Asian session on Tuesday.
Bitcoin Cash breakout emanates from the strong support a $260 as discussed in the previous analysis. The bulls took advantage of the low prices, increased their entries, giving way to the ongoing action.
The price is brushing shoulder with the resistance at $280 (levels that have not been achieved since last November). The 4-hour chart clearly shows the bulls fully in control. They are supported by the upward moving RSI. If the indicator makes into the overbought region (above 70), BCH could easily take the action closer to $300.
In terms of support, $260 still stands as an incredible zone with high congestion of the buyers. The 50 SMA currently at $250 will cushion the drop, in addition to the 100 SMA support at $230. If push comes to shove and declines proceed further, $220 and $200 areas will come in handy.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.