Bitcoin Cash Technical Analysis: BCH/USD builds upon support at $300

BCH/USD hits a wall at $315 on Sunday and free-fall to $292 but bulls reclaim the support at $300.
Bitcoin is holding above the moving averages (50 SMA and the 100 SMA) amid the push for gains eyeing $400.

Bitcoin Cash is extending the up and down price movements experienced mainly during the weekend. The price hit a barrier at $315 on Sunday before falling sharply to confirm support above $292. At the time of writing, Bitcoin Cash is trading at $305 as bulls continue to build on the support being established at $300.

The moving averages (50 SMA at $304.80 and the 100 SMA at $303.18) are in line to provide the much-needed support for the upward price action. Looking at the RSI, BCH is poised for higher levels including bringing down the resistance at the 61.8% Fibonacci level, taken between the last swing high of $313.85 to $294. Gains above $315 would pave the way movement towards the critical $400.

The MACD, on the other hand, shows that consolidation will take precedence in the near term. It is clinging to the mean line (0.0) at the moment. Moreover, the position of the 50 SMA above the 100 SMA confirms a higher concentration of buyers in the market. Farther up, action above the descending trendline will support the bullish case to higher levels around $400.

BCH/USD 15’ chart

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