Bitcoin Cash Market Update: BCH/USD rallies 8% mid-week, stalls at the 38.2% Fibo

• Bitcoin Cash bulls focus on breaking above $300 level despite the 4-hour oversold RSI.
• Technical levels remain positive; rally towards $300 seems imminent before the week’s trading end.

Bitcoin Cash price is arguably among the best performing cryptocurrencies on Wednesday. The Asian session yielded in the favor of the bulls, who pushed the price from $252.78 (opening value) to $278.13 (intraday high). BCH/USD has, however, adjusted lower to $273 (market value. In other words, the digital asset is still holding onto 8% gains accrued on the day.

BCH/USD is facing growing resistance at the 38.2% Fibonacci retracement level, taken between the last swing high at $500 to swing low at $135. The recovery this week has been steady following the break past $250 resistance.

The existing trend is bullish especially when the RSI and the MACD are considered. BCH/USD is currently oversold in the 4-hour range. However, with the RSI still pointing north above 70, Bitcoin Cash bulls still have the energy to push for gains targeting $300. Besides, the MACD’s bullish divergence emphasizes on the bulls’ position on the market.

Resistance one: $38.2% Fibonacci level

Resistance two: $300

Support one: $250

Support two: $225

BCH/USD 4-hour chart