- Bitcoin Cash nurtures a weak bullish momentum in a bid to rise above $250 and $260 hurdles.
- The 38.2% Fibo at $240 comes out as a credible support area.
Bitcoin Cash recently tested $230 during the slump that shuttered various tentative support areas including $280, $260 and $240. Ranging channel support ($270) was also broken. Following the drop, an effort has been made to recover the slashed gains. However, the upside is strongly limited at $250.
The price is hovering above the 38.2% Fib retracement level from the previous high at $308.92 to a low of $197.14. The Relative Strength Index is dragging out of the oversold as weak bullish momentum battles the short-term resistance at $245. As long as the RSI keeps trending upwards, BCH has the potential to rise above the resistance at $260, $280 and $300 in the coming days.
A glance at the MACD suggests that the sellers are gaining traction gradually. A visible but minor bullish cross means that the bulls have the upper hand and can continue stirring up action to the upside. Apart from the support at $the 38.2% Fibo, BCH is likely to find refuge at $230, $220 and $200.
BCH/USD 4-hour chart
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