- Bitcoin formulates its bullish path away from Bitcoin recording highs above $350.
- Former resistance zones at $300, $280 and $260 to work as support levels if the trend reverses.
Bitcoin Cash took advantage of the recent surge in Bitcoin price to formulate a new path to recovery. BCH/USD rose significantly breaking above several key hurdles at $180, $200, $260 and settled above $300. In fact, the gains extended to highs above $350 before correction began.
While Bitcoin hangs in the balance marginally above $5,000 Bitcoin Cash bullish momentum is far from over. The RSI 1-hour at 57.69 is currently horizontal to show that consolidation is expected in the coming sessions. Moreover, the 50 SMA is trending further up from the 100 SMA 1-hour confirming the bullish trend.
More movement to the north is expected to retest the resistance at $350 and pave the way for a correction towards $360. Meanwhile, BCH/USD support at $300 will hold in the sessions to come on Thursday. If it gives in, other support zones highlighted at $280 and $260 will come in handy.
BCH/USD -hour chart
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