Bitcoin Cash Price Update: BCH/USD hunt for formidable support kicks off

Bitcoin Cash is in the middle of a tactical retreat from the recent high at $403. Reversal towards $400 have become untenable, however, the bulls are careful not lose imbalance and find BCH under the key $300 level.

The trading activities on Sunday had he bulls strongly back into action. BCH spiked above $360 but hit a snag at $364. The resistance at $370 was left untested. Instead, the price entered into a reversal phase that has seen Bitcoin Cash test the support at $330.

Bitcoin Cash support on Mecon Cash’s M.Pay platform

Bitcoin.com has partnered with Mecon Cash. The collaboration over 13,000 ATMs in South Korea support BCH withdrawal in the form of the local currency, won. The support is to ensure that the users of Mecon Cash are able to transact BCH urgently and even in small amounts in all places that have no access to peer-to-peer electronic cash systems. A statement by the chairman of Mecon Cash, Jo Joe Do states:

Through our partnership with Bitcoin.com, we will grow the presence of Bitcoin Cash throughout the Korean market starting with the ATM withdrawal services. We have huge applications coming up where the close collaboration between Mecon Cash and Bitcoin.com will see positive synergies in the upcoming future not only in the Korean market but also the global market.

Meanwhile, Bitcoin Cash is trading at $331. The support at $330 is still intact, although bearish pressure is mounting. The Moving Average Convergence Divergence is still largely bullish and could be the reason why BCH is able to sustain the price above $330 and $300. Looking at the RSI’s sideways movement at 70, BCH is likely to take on a ranging trend, preferably above $330. However, the support at $330 is still in the line of danger.

BCH/USD daily chart