- Bitcoin Cash trimmed gains under $260 after failing to sustain recovery to $270.
- BCH/USD is among the biggest single-digit gainers on the market; the prevailing technical picture hints further growth.
Bitcoin Cash is in the green on Thursday towards the end of the Asian session. The price has grown by 1.82% on the day to trade at $257 after advancing from $253.17 (opening value). On the upside, an intraday high has been formed at $260 (immediate resistance). The majority of the major cryptocurrencies are in the green except for Bitcoin and Ethereum. Bitcoin is down 0.15% while Ethereum has lost 0.1% of its value.
BCH/USD is dancing between the 50-day SMA support and the 200-day SMA resistance. The breakout earlier this week failed to sustain the gains towards $270 culminating in losses below $260. From a technical perspective, the prevailing trend is in favor of the bulls. Supporting the bullish momentum is the RSI’s movement towards the overbought region. The MACD is also seating in the positive region. A minor bullish trend above the MACD shows that bulls are ready to pull Bitcoin Cash above $260.
In the event sellers gain traction, support is expected at the 50-day SMA, the ascending trendline, and the 23.6% Fibonacci retracement level. On the upside, another attempt on breaking $270 could be the key for gains towards $300. In the meantime, investors should be ready for consolidation around $260 before another breakout comes into the picture.