- Bitcoin Cash recovery stalls at $250 level again but buyers remain relentless in the journey to $300.
- BCH/USD is stable above the 50 SMA and the 100 SMA in the 4-hour range despite retreat from $250.
Bitcoin Cash recovery has hit a wall at $250 and given way to the bears to extend their influence over the price. Intraday levels show BCH/USH having lost at least 1.90% of its value on the day. The general trend in the cryptocurrency market is bearish especially after Bitcoin (BTC) retreated from highs around $7,800 to the current $7,678. Other cryptocurrencies encountering increased selling pressure include Ethereum (-1.30%), NEO (-2.50) and Dash (-2.18%) among others).
Meanwhile, Bitcoin Cash is trading $242 after adjusting from $248 (intraday high). Initial support is observed at $240 while the moving averages are in place to offer support. Both the 50 SMA and the 100 SMA form a confluence of support at $234. Intriguingly, the 50 SMA cross –above the 100 SMA suggests that Bitcoin Cash still has the energy to not only defend the support at $240 but also renew the bullish action towards $300.
From a technical perspective, the described bullish scenario is supported by the MACD as sticks within the positive territory. Besides, if the RSI stays above the average, buyers will have the chance to enact a reversal movement above $250.
BCH/USD 4-hour chart
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