Bitcoin Cash market overview: BCH/USD lethargic bullish momentum stalls at 61.8% Fib level


  • Bitcoin Cash remains bulls despite the confrontation at $330 resistance.
  • Several support areas are ready to prevent declines from paralyzing the bulls.

Bitcoin Cash failure to break above $360 during the trading sessions last week. This left a gap that the bears wasted no time exploring. BCH/USD bearish action trimmed the gains first below the moving averages. The tentative support around the 38.2% Fib retracement level taken between the last drop from a high of $358.16 to a low of $267.35 close to $300.

The negative volatility surged sending Bitcoin Cash briefly under $270. A low established at $267.35 allowed the rebound above $300. The battle to break the resistance at $330 is yet to be won. Instead, Bitcoin Cash is trading sideways in a narrow range between the confluence created by the 50% Fib level and the 50 Simple Moving Average (SMA) and $330 hurdle.

Read alsoBinance new set of stablecoins to rival Facebook’s Libra

Several support areas are ready to prevent declines from paralyzing the bulls. They start from the above-mentioned confluence, $310, $300 and $290.

The trend is still inclined to the positive despite the inability to break above $330. The full stochastic oscillator brushed shoulders with 70. However, a possible retreat is likely to signal a reversal.

BCH/USD 1-hour chart

 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC dominance take control of an overheated market

The Bitcoin dominance chart reached the base of the current technical structure, producing the upward bounce that we see reflected in red in the market.

More Bitcoin News

LTC/USD freefall to $60 seems imminent

Litecoin recently climbed several barriers including $70 and $80. Although the focus was on $100, the high formed at $84 marked the end of the rally. The price has retreated to $72, besides the bulls are fighting to keep LTC above $70. 

More Litecoin News

NEO/USD regains ground above $14.00 as Binance launches NEO/USDT futures

NEO/USD topped at $16.72 on February 14 and hit the recent low of $13.41 on Sunday amid global sell-off on the cryptocurrency market.

More NEO News

XRP/USD erased the gains of the previous rally

Ripple's XRP has been collapsing for three days in a row. The massive sell-off caused by a global correction on the cryptocurrency market wiped out all the gains of the previous week and pushed XRP/USD below $0.2700 on Sunday. 

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast

BTC

ETH

XRP