- Bitcoin Cash leads other major cryptocurrencies by posting an over 3% gain on the day.
- The push to keep the price above $300 is likely to encourage more buying entries.
Bitcoin Cash is the biggest single-digit gainer among the top ten cryptocurrencies by market capitalization. Mid-week through this week’s trading, the crypto is up over 3% on the day. Besides, it has touched levels at $306 on the upside before adjusting to the current $298.
The four-hour chart clearly shows that Bitcoin Cash is strongly bullish. The 10% rally witnessed on Tuesday has been the key factor in the ongoing attempt to stay above $300. The price is also trading above the Simple Moving Averages (SMAs) whereby the 50 SMA on the four-hour chart currently at $245 and the 100 SMA at $233 will function as support areas in the event of a reversal.
From a technical perspective, the push by the bulls to increase their grip on the price appears to be yielding results with the Relative Strength Index (RSI) buried within the overbought. The upward trend in the RSI signifies more buying power. At the same time, the Moving Average Convergence Divergence (MACD) suggests that the prevailing momentum will last longer.
BCH/USD four-hour chart
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