- Bitcoin Cash is holding decent gains of over 8% late on Tuesday, as the bulls stage strong recovery.
- BCH/USD is subject to a further potential explosive move north, as it moves within a narrowing channel structure.
Bitcoin Cash price in the latter part of trading on Tuesday is holding decent gains of 8%, as the bulls make a big comeback, after consecutive days of selling. BCH had been in decline since losing the strong upside momentum at the start of April.
BCH/USD is moving within a narrowing descending channel structure, which is subject to a potential explosive breakout to the upside. The price received strong support by a long running ascending trend line, this has been in play since 13th March.
Tecnnically, the price is vulnerable to further intense buying pressure, should the bulls managed to cpaitlize and push for a breakout of the noted technical structure. Resistance is immediately seen around $260, the session high print, where the descending trend line is tracking. If a breakout and closure is seen above, then this could raise buying attraction, with eyes on the $340-50 price range, the high area of April.
BCH/USD daily chart
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