Bitcoin Cash price analysis: BCH/USD overwhelmingly supported at $230

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  • Bitcoin Cash achieves a milestone towards $240 after correction from the lows below $210.
  • The up-trending market has overwhelming support oozing from the trendline support.

Bitcoin has remained intriguingly bullish after thrusting through several resistance levels this week. Notably, the BCH sunk under the support at $210 on Friday following a relatively bearish market. The price formed a low at $207.72 followed by a ranging choppy market between $215 and $210 limits.

In classical technical analysis, choppy markets are usually untradeable. However, they provide the basis and the starting points for both selling and buying opportunities especially when support and resistance are broken.

In this case, Bitcoin Cash provided compelling buying opportunities on breaking the resistance at $215. The momentum’s initial break above the 50 Simple Moving Average on the one-hour chart and the 100 SMA put a lot of emphasis on the up-trending market. This extended the bullish leg above $230, in turn, refocusing the target towards $240.

A high formed at $236.83 put an end to the tremendous bullish action but BCH has sustained gains above $230. An ongoing bullish momentum is trending towards $230 as the bulls fight to pull the price past $240. The Moving Average Convergence Divergence (MACD) is retreating from the highs achieved yesterday. MACD’s negative cross shows that selling pressure is present.

BCH/USD one-hour chart

 

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