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  • Bitcoin Cash renews the bullish momentum; ready to battle resistance at $260, the 200-day SMA, and the 38.2% Fibo.
  • BCH/USD depends on the magnitude of breaking the Fibo resistance to gain momentum towards $300.
  • BCH/USD is in the hands of the bulls during the Asian session on Tuesday.

Bitcoin Cash is leading recovery among the top ten cryptocurrencies on Tuesday with gains of more than 2%. All the top three coins; Bitcoin, Ethereum and Ripple are in the red led by BTC’s loss of 1%. Ether is down 0.58% while XRP has lost 0.22% of its value. Intriguingly, BCH trend remains bullish and its volatility high.

At the time of writing, Bitcoin Cash is trading at $258. Marginally above the prevailing market value is the initial resistance at the 200-day SMA. The second hurdle lies with the 38.2% Fibo retracement level, taken between the last swing high of $498.32 to a swing low of $145.48. Gains above these two seller congestion zones would eventually lead to a price action aiming for $300.

In the meantime, technical indicators applied to the chart tells us that BCH is generally in the bulls’ court. The RSI is pointing upwards with a mission to reenter the overbought region for the first time since February 14. The MACD also shows the potential buyers have is immense. A break above $260 seems imminent while action to the coveted $300 will depend with the momentum on breaking the 38.2% Fibo hurdle.

BCH/USD daily chart

BCH/USD price chart