Bitcoin Cash Market Update: BCH/USD digs higher into upper Bollinger Band as $240 beckons

Bitcoin Cash has majestically renewed the bullish momentum after a gruesome session on Monday that saw the price plunge to $225. Recovery has been steady with Bitcoin Cash stepping above the 50 SMA in the hourly range. Short term support at $235 is currently functioning as the stepping stone for the ongoing recovery aiming for $240 in the near term and $250 in the medium term.

BCH/USD is teetering at $237 as volatility surges as shown by the widening Bollinger Bands. The cryptoasset is grinding higher into the upper BB curve. A break above $240 could catapult Bitcoin Cash towards $250 in a matter of hours. Besides, the entire cryptocurrency market is turning green. As long as the trading volume continues to grow, Bitcoin bulls are likely to fully regain full control over the price.

After taking technical levels indicators into account, we can tell that the European session would be an eventful one. The RSI is almost crossing the line into the overbought region. There is still room for growth considering that this is the hourly range. The bullish momentum is also highlighted by the MACD, currently settling above the midline. Moreover, a bullish divergence from the MACD places EOS into the able hands of the bulls.

For now, holding onto the initial support at the 50 SMA ($235) is key for the rally towards $250. Other support areas of interest are $230 and $225. The overall technical picture is bullish and the European session could experience an increase in volatility and even trading volume.

BCH/USD 1-hour chart