Bitcoin Cash market update: BCH/USD motionless at $280 amid sideways trading

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  • The price continued to decline below $300 and tested $260 congestion zone.
  • Expect the price to stay below $300 in the coming sessions heading to the weekend session.

Bitcoin Cash continues to trade between a wide range between $260 and the upper limit at $340. There was a correction from the new 2019 highs around $351. The price continued to decline below $300 and tested $260 congestion zone. In the last week, the price stayed below the 100 simple moving average (SMA).

Meanwhile, while trading within the range at $281.26 technical analysis shows that the price will continue to trade above $260. However, traders should expect the price to stay below $300 in the coming sessions heading to the weekend session.

According to the RSI, the growing bullish momentum is likely to get stronger as the buyers get more confident in the trend. However, the MACD is still stuck in the negative zone to show that the bearish influence is still present.

BCH/USD 1-hour chart

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