Bitcoin Cash Price Forecast: BCH/USD bouncing back after plunging to $288
|- Bitcoin Cash reverses from the support at $288, all eyes glued on $300.
- BCH/USD could hit $320 and $310 if the bulls build on a potential descending channel breakout.
Bitcoin Cash buyers are fighting with all they have to defend the price from falling further below $300. While the crypto opened the session at $303 losses have seen it refresh lower levels at $288.
Recovery appears to be underway with $300 being well within the reach of the bulls. BCH is exchange hands at $298 at the moment. After rising above the 200 SMA in the 4-hour range, a boost is expected to push the price above $300 in the short term.
Consequently, a potential breakout above the short term descending channel resistance would also propel BCH closer to $310. The real test, however, lies at this $310 seller congestion zone. If overcome, investors can tighten their seatbelts for another rocket-fast flight targeting $320 and $330 respectively.
All indicators including RSI and MACD currently point towards an improving technical picture. Besides the gap maintained by the 100 SMA above the 200 SMA suggests that buying pressure is still present. The RSI is trending upwards as the bulls grip the price even tighter. For now, the path of least resistance is upwards in anticipation of the grand move past $300.
BCH/USD 1-hour chart
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