- 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 Price Analysis Chart Source: TradingView
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.