- Bitcoin Cash is maintaining the lead in the market with the highest single digit gains on Friday.
- The path of least hurdles according to the technical levels is north.
There is a correction from the weekly highs that is ongoing in the market at the time of writing. Bitcoin price is in the red for the first time this week with declines reaching 2.17% on the day. The largest asset by market capitalization has dropped below $4,000. Other assets like the Ethereum is grinding lower while recording a 1.48% loss and Ripple’s XRP has also corrected lower by 2%.
Bitcoin Cash is maintaining the lead in the market with the highest single digit gains on Friday. The asset is showing investors that it has the ability to trend higher while other cryptos retrace from the highs achieved this week. At press time, FXStreet rates and tables indicate a 9.54% growth on the day. Besides, the asset has traded highs of $231 after opening the session at $192.
Looking at the 4-hour BCH/USD chart, we see Bitcoin Cash dancing with $212 and confined between the 38.2% and the 50% Fib levels taken between the last upward move at $382.76 and a downward swing of $73.36. The Fib levels are working as immediate support and resistance. Applied technical indicators show that the price is likely to push past the limits on the upside. The MACD at +31.58 is at the highest level reached since November 7 when Bitcoin cash was valued a $648. The RSI, is also projecting higher almost hitting the levels of November 7 as seen on the chart.
The path of least hurdles according to the technical levels is to the upside. Besides, the gap between the moving averages s narrowing to show the bulls presence. While $250 is insight at the moment Bitcoin Cash buyers will not rest until they see the price above $300.
BCH/USD 240′ chart
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