- Bitcoin Cash retests the short term hurdle at $255 and $260 for the first time since the beginning of June.
- BCH/USD position above $250 is supported by the RSI and the MACD as they extend to higher levels.
Bitcoin Cash is up 1.6% on the day following a fresh wave of bullish forces across the cryptocurrency market. After breaking above the critical barrier at $250, the fifth-largest cryptocurrency extended the action towards $260. Unfortunately, the bullish momentum stalled at $255.
At the time of writing, BCH/USD is trading at $252. With the entire cryptocurrency market in the green and trending upwards, it is clear that Bitcoin bulls are not done yet. The main goal at the moment is to break out of a rectangular pattern’s resistance. BCH/USD has been stuck within the confines of this pattern since the beginning of April. Its support has been instrumental in keeping the price above $200.
For now, the path of least resistance is upwards, especially with the RSI almost entering into the overbought region. Gains above the short term hurdle at $255 are likely to encourage more buyers to join the market. It is apparent that trading past the rectangle resistance would catapult Bitcoin Cash towards $300.
In the meantime, support above $250 is key to the ongoing bullish action. If a reversal comes into play under $250, we can expect bulls to seek refuge at the 50-day SMA, $230 and the range support.
BCH/USD price chart
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