- Bitcoin Cash bounces off support at $260 but recovery is limited under $270.
- The breakout above the falling wedge pattern the potential to send BCH/USD above $300.
Bitcoin Cash alongside other major cryptocurrencies is making attempts at recovering from the losses encountered this week. BCH/USD explored the levels marginally under $260. This was a significant stretch downwards considering the fact that the crypto traded highs around $320 on August 17.
Recovery is however gradual as reflected by various technical indicators. The RSI made it from the oversold region but stalled marginally above 30. At the same time, the MACD is stuck in the negative region, putting emphasis on the prevailing bearish influence.
At the time of writing, BCH is trading at $265 after a shallow recovery. As seen with the drab technical levels, gains above $270 are not likely to come easy. Besides, the price is below both the 50 SMA and the 100 SMA in the 2-hour range. The short term 50 SMA is diving lower from the 100 SMA also highlighting the strong bearish grip.
Despite the apparent selling pressure, the formation of a falling wedge pattern brings hope to BCH market that a breakout is still possible. The breakout will, however, depend on the bulls’ ability to break above the hurdle at $270 and contain the gains at a higher level. Trading above the wedge would pave the way for action past $280 and towards the psychological resistance at $300.
BCH/USD 2-hour chart
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