- Bitcoin Cash revived the uptrend over the weekend adding more than $60 to its value on Friday last week.
- A reversal is underway and could last longer based on the RSI and MACD’s trend.
Bitcoin Cash has an incredible trading session over the weekend and especially on Sunday. Looking at last week’s trading activity, BCH plunged to lows under $300 on Friday. Bullish action on the same day pulled Bitcoin Cash above $320. However, resistance mainly from the 50 SMA on the 1-hour chart stopped the bullish action and opened the door for a retracement back to $300.
The price action on Sunday was arguably impressive with Bitcoin Cash not only defending the support at $300 but also reviving the gains toward $400. Hurdles such as the 50 SMA, $32, the 100 SMA around $330 and $340 caved in allowing for more gains. Bitcoin Cash stepped above $360 but could not sustain gains towards $400.
At the time of writing, BCH is trading has managed to hold onto 13% gains made in the last 24 hours. It is teetering at $352 but also nurturing a reversal movement. It is essential that $350 comes out as a formidable support area to prevent a possible dip in the direction of $300.
The oversold condition of the RSI is contributing to the reversal movement. Besides, sellers seem to be gaining momentum supported by the declining MACD. For now, the path of least resistance is downwards.
BCH/USD 1-hour chart
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