- Bitcoin defends $270 support aided by the ascending trendline and the 100 SMA.
- Buying influence is not wiped entirely as the MACD holds above mean line.
Bitcoin Cash reacted in tandem with the rest of the crypto market on Friday last week. From highs around $310 earlier in the week, BCH dived under $300. The downtrend momentum refreshed gyrated to refresh the range support at $270.
The 100 SMA on the 4-hour hour chart aided by the ascending trendline came to rescue of the bulls stopping the losses. Recovery movement over the weekend stalled at $300. BCH/USD is currently dancing at $291 where the immediate downside protected the short term 50 SMA.
From a technical perspective, BCH is likely to continue exploring the rabbit hole. The RSI is heading south towards 50. Besides, its recovery over the last couple of days never made it to 70. As long as it stays above 50, buying influence could remain relatively in action. The MACD clearly shows that the buying potential is still intact and targets the range resistance at $310.
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