- Bitcoin Cash remarkably ascends from a consolidation phase to highs close to $240.
- The short-term technical picture remains strongly positive with the focus set on $250 and $300 respectively.
Bitcoin Cash price action since yesterday has been defiant of the bear pressure. It is as though the bulls are on a mission to sham the prediction that the price will break down to $127.5. The Asian trading session on Tuesday has remained strongly positive with BCH correcting higher 2.19%; from an opening price of $233.17, BCH/USD extended the bullish leg to $239.56 (intraday high) before adjusting to the last price of $238.27.
Looking at the four-hour chart, we realize that the recent consolidation under the descending channel was necessary for the ongoing bullish action. Moreover, the support formed between $212 and $215 provided air-tight protection allowing the buyers to concentrate on stirring action to the north.
Bitcoin Cash is currently trading above the simple moving averages on the one-hour chart. The 50 SMA is breaking away from the longer-term 100 SMA to show that the buyers are largely in charge. A short-term trendline is in line to offer the much-needed support to pull BCH above $250 and further towards $300. The full stochastic oscillator is making a re-entrance above 70 (overbought region) signifying an improving technical picture and stronger momentum.
BCH/USD one-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.