- Bitcoin Cash price action remains limited under $300 amid consolidation.
- Potential for gains eyeing $300 depends on price action on breaking descending trendline resistance.
Bitcoin Cash recently broke above the resistance at $250 which gave the price a boost past $300. A five-months high was traded at $340, marking the end of the rally commenced mid-July. BCH/USD retreated under $300 dealing on being dealt a blow by the descending trendline resistance.
Support was, however, confirmed at $250 with the price immediately bouncing towards $300. The barrier at $300 has proved impenetrable with Bitcoin Cash bulls forced to seek refuge above the 200-day SMA ($273.68). It has become an uphill task to build gains above $300. The struggle is emphasized with the 200-day SMA maintaining the gap above the 50-day SMA.
Other technical indicators currently highlight a possible sideways trend taking over. The RSI is holding the position above 60. Its horizontal motion hints that gains will continue to be limited in favor of consolidation.
A study of the MACD reinforces the sideways price action as it levels at 20. There is a minor bullish divergence that hints that buying pressure is present but only enough to keep BCH pivotal at $290. Glancing upwards, there is potential for more gains erupting above the descending trendline resistance; such a breakout could easily extend above $300.
BCH/USD price chart
Reprinted from fxstreet , the copyrights all reserved by the original author.
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