Bitcoin Cash epitomized spectacular bullish efficiency on Thursday the place the worth motion shot above $200 for the primary time for the reason that catastrophic drop final week. A weekly excessive has been fashioned at $239, making $240 an space of curiosity. On the time of writing, BCH/USD is doddering at $222 after promoting strain took over following the hole left by the bulls on hitting a wall at $240. BCH/USD holds at $220.
Regardless of the drop, it’s obvious that Bitcoin Cash is essentially within the arms of the bulls. The RSI, for example, continues to be holding the place above 70 within the 4-hour vary. A leveling movement would sign that sideways buying and selling might take heart stage. The MACD in the identical vary additionally reveals that consumers have extra affect. A bullish divergence above the MACD emphasizes the presence of the bulls in the marketplace.
Preliminary assist holds the bottom at $220 whereas $200 would attempt to cease losses into the $100’s vary. To be on the secure facet, consumers should strongly defend the $200 assist space and pull BCH/USD above $240 (vital zone). Furthermore, they need to by no means lose sight of the psychological $300.
BCH/USD 4+-hour chart – BCH/USD holds at $220
BCH/USD holds at $220
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