- Bitcoin Cash rises from the ‘crypt,’ aims for $200 amid a developing bullish momentum.
- Buyers should take advantage of the improving technical picture to force BCH above $200.
Bitcoin Cash finally let go of the former strong support at $200. The breakdown plummeted below $190 (previous buy zone) and $180. Luckily the buyer congestion at $170 put an end to the declines and kick-started the ongoing bullish momentum.
The reversal has made it above $180 but $190 remains untested. Bitcoin Cash is teetering at $187.95, following a 1% rise in value on the day. However, a flag pattern on the 4-hour chart signals a possible return to $180 or even $170 support zones.
Meanwhile, technical indicators such as the RSI and the MACD show that a positive technical picture is building. The RSI is almost clocking 50 while the MACD is closing in on the positive territory. Moreover, the bullish cross seen with the MACD is likely to instill confidence in the buyers who, in turn, would increase their entries, pulling BCH/USD above $200.
BCH/USD 4-hour chart
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