Bitcoin Cash Price Analysis: BCH/USD climbs above $235, are the bulls back?

Bitcoin Cash spikes above $230 and steps past $235 as buyers return from their hiding.
The cryptoasset, BCH is in the hands of the bulls but the low trading volume limits what they bulls can do.

Bitcoin Cash bulls are making a comeback after a weekend session characterized sideways trading due to low activity. The Asian session on Monday started on a different note with Bitcoin Cash extending the price action above $230. With over 2% in gains from the opening value, BCH is trading above the 200 SMA as well as the stubborn seller congestion zone at $235.

At the time of writing, BCH/USD is dancing with $235.43. The bulls appear to be settling for consolidation. Looking at the RSI, the digital asset is in the hands of the bulls. Sideways trading is likely to take over in the near term, especially if the RSI fails to cross into the overbought region soon enough.

BCH/USD 1-hour chart

The MACD still places BCH into the hands of the bulls. It is, therefore, apparent Bitcoin Cash is technically ready for a lift-off above $240 but in retrospect, the low volume limits the impact the bulls have on the price. For now, the best the bulls can do is to hold the price above the short term support at $235. In case of a reversal occurs, other support areas include $230 and $225.

More Bitcoin Cash levels

BCH/USD

Overview
Today last price	235.4106
Today Daily Change	5.3672
Today Daily Change %	2.33
Today daily open	230.0434

Trends
Daily SMA20	244.4415
Daily SMA50	242.3735
Daily SMA100	234.2689
Daily SMA200	268.3439

Levels
Previous Daily High	233.8966
Previous Daily Low	229.6263
Previous Weekly High	242.9648
Previous Weekly Low	224.2956
Previous Monthly High	277.2914
Previous Monthly Low	217.6786
Daily Fibonacci 38.2%	231.2575
Daily Fibonacci 61.8%	232.2653
Daily Pivot Point S1	228.4809
Daily Pivot Point S2	226.9184
Daily Pivot Point S3	224.2106
Daily Pivot Point R1	232.7513
Daily Pivot Point R2	235.4591
Daily Pivot Point R3	237.0216

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.