- Bitcoin Cash spike hits a wall at $297 but bulls refuse to lose sight of $300.
- A breakout above the bullish flag pattern could imminently push BCH/USD past $300.
Bitcoin Cash is in the middle of a retreat after the latest rally fell short of $300. The rally in the last few days has yielded massively for BCH investors: From the support at $220 mid-July to highs of $297. At the time of writing, BCH is dancing at $298 following a minor retreat.
In spite of the lower correction, Bitcoin Cash bulls have not lost sight of $300. In the meantime, holding above $290 seems top on their priority list. The formation of a short term bullish flag pattern highlights the potential Bitcoin Cash has. It is apparent that trading above this pattern’s resistance would boost Bitcoin Cash bullish case to levels beyond $300.
From a technical perspective, a sideways trading action could take over with the price remaining pivotal at $290 in the near term. It is clear, selling pressure has increased following the rejection from $289. The RSI is currently moving sidelong marginally under the overbought region. The MACD, on the other hand, puts emphasis on the presence of selling influence with its vivid bearish divergence.
The best bet for Bitcoin Cash trading above $300 depends on the ability to sustain gains past the flag pattern. This would encourage more buyers to join the market, thereby boosting BCH upwards.
BCH/USD 1-hour chart
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