- Bitcoin embarks on the mission to break $280 and $300 resistance zones, respectively.
- The MACD and the RSI send bullish signals, adding confidence within the bullish camp.
The cryptocurrency market is painted green everywhere following a comeback by the bulls to revenge the battering they endured the entire weekend and on Monday. Bitcoin Cash has not been left behind, besides the crypto asset is trading 5.27% higher towards the end of the Asian session on Tuesday.
Bitcoin Cash breakout emanates from the strong support a $260 as discussed in the previous analysis. The bulls took advantage of the low prices, increased their entries, giving way to the ongoing action.
The price is brushing shoulder with the resistance at $280 (levels that have not been achieved since last November). The 4-hour chart clearly shows the bulls fully in control. They are supported by the upward moving RSI. If the indicator makes into the overbought region (above 70), BCH could easily take the action closer to $300.
In terms of support, $260 still stands as an incredible zone with high congestion of the buyers. The 50 SMA currently at $250 will cushion the drop, in addition to the 100 SMA support at $230. If push comes to shove and declines proceed further, $220 and $200 areas will come in handy.
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