- Bitcoin Cash recovers slightly from the recent lows around $123 to the current value of $132.22.
- Contracting triangle breakout to pave the way for gains towards $160 psychological level.
Bitcoin Cash is almost motionless following the recent drop that sent it back to the drawing board close the levels at $125. In December last year, Bitcoin Cash value increased significantly hitting highs around $230. However, the bullish momentum was cut short just before the Christmas celebrations. The downtrend progressed into 2019 with January mostly dominated with downward movements.
Significantly, Bitcoin Cash saw a bullish wave start to revamp the trend at the beginning of February. The upside momentum scaled the heights from the primary support at $100. It zoomed above the resistance at $120, and $130. This gave the bulls more confidence and the crypto pulled higher above $140 and even stepping above $150 before coming to a sudden halt at 157.40 on Sunday 24.
Bitcoin Cash has recovered slightly from the recent lows at $125 to the current market value of $132.22. The initial support is provided by the 50-day Simple Moving Average (SMA) on the 480-minutes chart while another support is at the 100-day SMA. The previous resistance zone at $120 and will prevent declines if buyers fail to push for higher corrections and the bears increase their grip.
The long-term contracting channel is approaching a breakout. A move that could have Bitcoin Cash recollecting its steps towards $160 psychological level.
BCH/USD 480-minutes chart
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