Bitcoin Cash market update: From the ashes, BCH/USD rises

Bitcoin Cash is readying to tackle the resistance at $220. This comes after a marvelous recovery movement from the lows recently recorded at $197.78. The upward retracement has touched the 50% Fibonacci retracement level within the last swing high of $237.02 to a swing low of $197.78.

A new higher lows pattern is forming, besides, the price is teetering above the 50 Simple Moving Average (SMA) on the one-hour chart. In the event Bitcoin Cash manages to clear the resistance at $220, the crypto will come face to face with the resistance a confluence created by the 61.8% Fibo and the 100 SMA at $221.94.

The Moving Average Convergence Divergence (MACD) is hugging the mean line (0.00) after pulling out of the negative zone at -4.89. The bullish cross, although minor continues to encourage the buyers to sustain the trend. Also, the Relative Strength Index (RSI) is trading above 50 (average). If the upwards motion in the RSI continues, it will only be a matter of time before BCH jumps above $220.

BCH/USD one-hour chart