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  • Bitcoin Cash remarkably ascends from a consolidation phase to highs close to $240.
  • The short-term technical picture remains strongly positive with the focus set on $250 and $300 respectively.

Bitcoin Cash price action since yesterday has been defiant of the bear pressure. It is as though the bulls are on a mission to sham the prediction that the price will break down to $127.5. The Asian trading session on Tuesday has remained strongly positive with BCH correcting higher 2.19%; from an opening price of $233.17, BCH/USD extended the bullish leg to $239.56 (intraday high) before adjusting to the last price of $238.27.

Looking at the four-hour chart, we realize that the recent consolidation under the descending channel was necessary for the ongoing bullish action. Moreover, the support formed between $212 and $215 provided air-tight protection allowing the buyers to concentrate on stirring action to the north.

Bitcoin Cash is currently trading above the simple moving averages on the one-hour chart. The 50 SMA is breaking away from  the longer-term 100 SMA to show that the buyers are largely in charge. A short-term trendline is in line to offer the much-needed support to pull BCH above $250 and further towards $300. The full stochastic oscillator is making a re-entrance above 70 (overbought region) signifying an improving technical picture and stronger momentum.

BCH/USD one-hour chart