- Bitcoin Cash reverses from the buy zone between $190 and $200.
- Bulls are working hard to sustain the price above $220 in readiness of the next assault at $220.
Bitcoin Cash fell victim to the immense selling pressure since Friday last week. The majority of tentative support levels failed to hold, including levels at $240, $220, and $200. BCH refreshed the critical buy zone between $190 and $200. A low formed at $192 saw the formation of a double-bottom pattern. However, Bitcoin Cash continues to lag reaction to the pattern in spite of the improving technical picture.
Meanwhile, BCH is trading at $210, following a slight recovery. Advances already made towards the $220 hurdle have not yielded much. From a technical perspective, Bitcoin Cash is prime for gains. For instance, the RSI is making a comeback above 50, although earlier it had hit a snag at 53.
The MACD is also gradually grinding upwards. Its emergence above the mean line will further cement the bulls’ presence on the market. Besides, a bullish cross suggests that the momentum is the favor of the bulls. It is becoming apparent that the shrinking volatility and a decrease in the trading activity are the reasons why Bitcoin would not take advantage of the double-bottom pattern.
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