Bitcoin Cash Price Analysis: BCH/USD marinates the next rally targeting $300
|- Bitcoin Cash pushes recovery with the first target at $220.
- The 23.6% Fibo resistance must come down for BCH to rally towards $250 and $300 respectively.
Bitcoin Cash is turning bullish amid expanding volatility. The general trend is the market sideways. Trading activity over the weekend remained drab. BCH/USD bulls tried to push for recovery towards $220 but stalled at $216.
While teetering at $212, BCH is settling above the moving averages. The confluence formed by the 50 SMA and the 100 SMA at $212 is key to ensuring the correction towards $220 continues.
The RSI and the MACD suggests that the sideways trading could last though the next sessions on Monday. However, a break above the 23.6% Fib level taken between the last swing high of $308.13 to a swing low of $198.61 will ignite the much awaited rally above $250 and heading to $300.
BCH/USD 1-hour chart
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