Bitcoin Cash buyers defend $260 support, resulting in a shallow recovery above $270. A forming falling wedge pattern is BCH/USD blessing in disguise, likely to support recovery to $350. Bitcoin Cash lost balance alongside other cryptos over the weekend. The sharp drop scattered the buyers from an attempted recovery above $350 on Saturday. Losses became unstoppable with BCH/USD unable to find balance at multiple support areas including $330, $300 and $270. The bearish leg extended towards $250 but a low formed at $260, allowing the buyers a chance to enter the market. BCH/USD has jumped above $270 and is looking forward to reclaim the ground past $280. The crypto is already oversold and therefore a reflex bullish action is expected to correct the declines with a possible jump above $300. From a technical perspective, the sellers are largely in control especially when the MACD is considered. The indicator is stuck in the negative zone and features a vivid bearish divergence. The RSI is also stuck in the oversold region (under 30). Resurfacing above 30 would mark a possible return of the bulls likely to pull BCH/USD upwards. The forming falling wedge pattern is the silver lining on this ‘dark’ day in crypto and mostly for Bitcoin Cash. To ensure a reversal above the pattern’s resistance is viable, a bottom or credible support must be found. Meanwhile, support at $260 and $250 remains vital to the bulls as they plot the next move above $300. BCH/USD 1-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Gold struggles to find acceptance above $1700 mark despite coronavirus-led jitters FX Street 2 years Bitcoin Cash buyers defend $260 support, resulting in a shallow recovery above $270. A forming falling wedge pattern is BCH/USD blessing in disguise, likely to support recovery to $350. Bitcoin Cash lost balance alongside other cryptos over the weekend. The sharp drop scattered the buyers from an attempted recovery above $350 on Saturday. Losses became unstoppable with BCH/USD unable to find balance at multiple support areas including $330, $300 and $270. The bearish leg extended towards $250 but a low formed at $260, allowing the buyers a chance to enter the market. BCH/USD has jumped above $270 and is looking forward… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
