- Bitcoin Cash bulls staged another attempt to break $300 resistance on Wednesday.
- Reject at $300 seems to have armored the bears pushing BCH back under $295.
Since Bitcoin Cash broke the recovery trendline commenced earlier this week, the price has had a bearish inclination. It became an uphill task to sustain the gains above the critical $300 due to the renewed bearish momentum emanating from the rejection around $300.
Bitcoin Cash corrected towards the next support target at $290. However, this time the buyers have been careful to defend the critical area. In fact, an assault was lodged at $300 during the late American session on Wednesday. Unfortunately, BCH was pushed back towards $290 after selling activity intensified at $300.
The current price action is slightly bullish with BCH battling to shake off the entanglement with the bears. The 100 Simple Moving Average (SMA) offers support at $290.85 while the immediate upside is capped under $295. Also limiting movements towards $300 is the 50 SMA 1-hour.
The full stochastic oscillator suggests that bear pressure is building traction. However, its oversold levels point towards recovery in the short-term. It is clear that BCH must rise above the resistance range and made headway above $300 to be able to focus on higher levels.
BCH/USD 1-hour chart
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