Bitcoin Cash Price Analysis: Will BCH/USD Win The War At $310?

  • A reversal saw BCH win several battles by pushing correction past the simple moving averages over the weekend session.
  • Providing immediate support is the accelerated trendline as seen on the chart.
  • Bitcoin Cash experienced an impressive weekend session. Besides reclaiming support above $300, the crypto jumped above $310. The price action extended to new September highs around E311.21 before the ongoing retracement swept in.
    Looking back into the performance of BCH in August, we see crypto has resilience and potential for growth. The dive to the support at $270 would have left the bulls paralyzed. However, a reversal saw BCH win several battles by pushing correction past the simple moving averages; the 50 SMA 4-hour and the 100 SMA 4-hours.
    BCH/USD 4-hour chart
    BCH/USD price chart by Tradingview
    As reported last week, struggled ensued with $300 remaining stubborn and unconquered for several days. For now, BCH/USD is exchanging hands at $301.36 after a 1.75% loss on the day. The mission the buyers have at the momentum is to keep BCH above $300.
    Providing immediate support is the accelerated trendline as seen on the chart. An intermediate trendline will come in handy in case the bears increase their grip. A visible main trend line will become important later depending on the price action below $300.
    From a technical perspective, Bitcoin Cash has a bearish bias. The Relative Strength Index (RSI) shows a growing bearish momentum. However, the bulls can avert the potential declaims if the RSI remains above the average. Another key positive indicator is the fact that the 50 SMA has maintained a position above the long-term 100 SMA.
    Bitcoin Cash Key Technical Levels
    Spot rate: $301.36
    Open: $306.78
    High: $307.32
    Low: $299.84 Trend: Bearish

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