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  • Bitcoin Cash price has a positive start to the week but stalls at the $320 resistance zone.
  • BCH/USD downside is protected by the critical support at $310 and $300 respectively.

The digital asset market is in the green amid growing positive sentiments after a drab trading week. The new week has started with most cryptos posting subtle gains including Bitcoin Cash. BCH/USD is up 1.89% on the day after adjusting upwards from $312 (opening value) to $316 (market value). An intraday high has been formed $320.30 (short term resistance).

Bitcoin Cash falling wedge pattern breakout

Following the rejection at $500 in February, Bitcoin Cash has been recording losses week-over-week for three consecutive weeks. The only blessing in disguise is the formation of a falling wedge pattern. With BCH/USD teetering just below the wedge pattern resistance, there is a chance that a breakout is around the corner. In this case, sustained gains above $320 coupled with the right volume could send Bitcoin Cash price above $350.

Meanwhile, technical analysis shows Bitcoin Cash slightly in the hands of the bulls. The RSI, for example, is holding ground above 30. The gradual slope upwards is not enough to support an immediate breakout above $320. However, if a catalyst comes into the picture growth above $350 would be a matter of when and not if. At the same time, the MACD clearly shows that bearish power has not been completely ousted and therefore, could continue to influence the price in the coming sessions.

Bitcoin Cash price levels to watch

Spot rate: $316.92

Support: $310 and $300

Resistance: $320 and $350

Trend: Bullish

Volatility: Expanding

BCH/USD daily chart