- Bitcoin price flashes a ray of green amid widespread cryptocurrency depression.
- Today’s breakout above $280 came close to testing $290 but reversed to the current market of $285.
- The biggest task is to keep the price above $280 support to allow the bulls to focus on breaking $300 resistance.
Bitcoin Cash among the single-digit gain leaders on Monday. The comes after a correction started yesterday jumped above both the 50 Simple Moving Average 1-hour and the 100 SMA 1-hour.
Prior to the current recovery, a failed attempt made on Saturday hit a snag at the 100 100. Luckily, the correction that followed found refuge above the key support between $275 – $270. Today’s breakout above $280 came close to testing $290 but reversed to the current market of $285.
The crypto appears to have hit its short-term overbought levels and likely to retrace further to the initial support at $280. The stochastic points south after a retreat from levels above 70. On a brighter side, if the 50 SMA double-crosses above the longer term 100 SMA Bitcoin Cash could extend the action above $290.
For now, the biggest task is to keep the price above $280 support to allow the bulls to focus on breaking $300 resistance. As mentioned, $275 – $270 is a key support area (buyer congestion zone.
BCH/USD 1-hour chart
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