- Bitcoin Cash consolidation phase continues within a ranging channel.
- Technical indicators show a developing bullish momentum likely to break the range resistance.
The tug of war between Bitcoin Cash bulls and bears is just getting started. The buyers are pushing to come out of range resistance at $208 while sellers, on the other hand, desire to see BCH under $204 (range support) and below $200, respectively.
Bitcoin Cash is teetering between the moving average support and resistance. The 50 SMA currently at $206 on the 4-hour chart is offering the support. On the upside, the 100 SMA at $207.61 will limit gains pushing to clear the range resistance.
Marginally above the price, a descending trendline caps movement north. The RSI shows a developing bullish momentum likely to correct above the trendline. The MACD also shows an improving technical picture. Therefore, if BCH nurtures the improving technical picture, a recovery above the range is possible.
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