- Bitcoin Cash tested $285 resistance over the weekend session.
- The accelerated trendline is in line to offer support but the main trend line will in handy later.
Bitcoin Cash shifted its focus to $300 after clearing the resistance at $240. Last week was an extremely volatile week for BCH. From testing levels under $200, the crypto scaled the levels towards $300. However, Bitcoin Cash hit highs at $285 before plunging back to $240 (resistance turned support).
At the time of writing, Bitcoin Cash is trading at $267 after correcting high 2.18% on the day. The bulls have been in action to the extent of touching $275 (intraday high). However, the shrinking volatility coupled with reducing volume means that upward movement will not easy.
The hour chart shows Bitcoin Cash exchanging hands above the accelerated ascending trendline. The Relative Strength Index (RSI) is retreat after failing to touch 70. A further lower correction could hand over the mantle to the bears who keep on pushing for revenge.
On the other hand, the Moving Average Convergence Divergence (MACD) is holding ground above the mean line (0.0). A slightly visible bullish cross shows that Bitcoin Cash is still in the hands of the bulls. Besides, the price is above the Simple Moving Averages. Moreover, the main trendline will become useful later in the event declines extend.
BCH/USD one-hour chart
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