- Bitcoin Cash resurfaces above $330 as bulls return.
- The recovery has legs from the tremendous support at $300.
Following a few days of enduring extreme bear pressure, Bitcoin Cash price and has surfaced above the horizon. The entire market is also in the green as bulls come back on a revenge mission. The painful downtrend from the weekend sessions embraced an avalanche of support above $300. However, as discussed yesterday there was a sharp dive to $290. A rebound followed settling BCH above $300.
Bitcoin Cash breakout on Wednesday has explored the levels above $330. While glancing at $340, a high formed at $337.97. Nonetheless, correction from the highs found support above $325.
At press time, Bitcoin Cash is trading at $330. It is supported by the ascending trendline. Other support levels range from the 21 Exponential Moving Average (EMA), $315, the 100 Simple Moving Average (SMA) 1-hour at $310 and $300.
Looking at the technical levels, Bitcoin Cash buyers have their eyes set on $400. The 50 SMA has crossed above the 100 SMA at $309. This means that BCH is likely to consolidate higher before the next breakout.
BCH/USD 1-hour chart
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