- Bitcoin resumes the uptrend and reclaims the support above $300 amid market bullish pressure.
- All eyes are currently glued on $350 but first, the range resistance at $325 must be cleared.
BCH/USD is still observing the ranges between $250 and $325. Following the ballistic rise in the first week of April, Bitcoin Cash touched $350 but reversed the trend refreshing the levels close to $250. The crypto spent most of last week battling to retrace the steps above the 61.8% Fibonacci retracement level between the last swing high of $353.77 and a swing low of $147.41. The price stayed below the 50 simple moving average (SMA) 4-hour until the brief surge that started during the Asian trading session on Monday and has spilled into the European session.
Bitcoin Cash continues to trend higher, besides technical analysis show that the price is poised for further upward movement in the short-term. The relative strength index (RSI) 4-hour has been able to recover from the levels below 30.00 and currently ranges at 63.00. In addition to that, the moving average convergence divergence (MACD) in a similar range has crossed into the positive territory to show that the buyers are gaining traction. Last week, the indicator dropped to -7.08 due to the broad-based declines on the market. It should be noted that the MACD achieved highs of +35.75 on April 4th amid the surging prices.
In the meantime, all eyes are currently glued on $350 but first, the range resistance at $325 must be cleared. As far as support areas are concerned Bitcoin Cash initial support is establishing at $300. The second support is provided by the 50 SMA currently at $293.28 while the next support rests at the 61.8% Fib level around $275. Other vital support areas include the 50% Fib level at $250.00, $147.41 (swing low) and $125.00.
Bitcoin Cash Key Technical Indicators:
50 SMA 4-hour: 293.28
Range limit: $325
Range support: $250
RSI 4-hour: $63.00
Support 1: $275.00
Support 2: 250
Support 3: 125.00
Resistance 1: $311.63 (intraday high).
Resistance 2: 325 (range limit).
Resistance 3: $350 (short-term target).