- Bitcoin Cash embraces support at $270 in favor of recovery eying $300 in the medium term.
- Bitcoin Cash is likely to take up consolidation at $275 support before a breakout comes into the picture.
Bitcoin Cash bulls are intentional in their push for gains above $300 following a sharp slump to the support at $300. The ongoing recovery is happening within the confines of a bearish flag pattern. This means that buyers will have to work a little harder to maintain the momentum towards $300. Otherwise, Bitcoin Cash is not clear of the support at $270.
In the meantime, BCH/USD is holding at $276 (prevailing market value). As per the technical levels, Bitcoin has potential for gains towards $300, at least when short term analysis is considered. However, a confirmed breakout above $280 and the bearish flag pattern will aid in determining the bullish strength. Some of the hurdles that would delay the breakout include the 50 SMA at $285 and the 100 SMA at $292.18.
According to RSI (holding the position above 40), the trend is in the hands of the bulls. Unfortunately, the MACD stuck in the negative region, it is evident that there isn’t enough volume to sustain gains above $300 as quickly as investors would have desired. In this case, consolidation could take precedence with Bitcoin Cash settling onto the short term support at $270.
BCH/USD 1-hour chart
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