- Bitcoin Cash price settles into a range above $330 while the upside is capped under $340.
- Bitcoin Cash accounted for more than 97% of all trade volume in Australian merchant shops accepting crypto payments.
Bitcoin Cash is slightly in the red following a short-lived recovery that fell short of its target ($340), forming an intraday high at $338. However, the trend remains bullish amid high volatility. BCH/USD continues to trade below the 50-day SMA, an indication that selling pressure still hovers above the digital asset.
BCH/USD seems to have settled above the support at $330. The upside is capped at the intraday high as well as the untested resistance at $340. The impact of the head-and-shoulders pattern continues to influence the price positively. With the right volume, Bitcoin Cash price could use this pattern as a stepping stone for another jab at $400.
Technically, Bitcoin Cash’s sideways action is bound to last through the Asian session on Friday. The RSI is slightly bullish but remains in an almost horizontal movement. The MACD is stuck in the negative territory. A possible bullish divergence from the MACD could signal increased buying entries and a tentative price action towards $340. Support is expected at $330 and $325 while $300 remains to be the primary anchor zone for BCH/USD.
Bitcoin Cash payments surge in Australia
According to a report released by Bitcoinbch.com after a survey, BCH payments have become a preferred payment at many Australian merchants’ points of sale. The report indicates a trade volume growth from $44,087.57 in January to $73,769.41 recorded in payments in February. Interestingly, Bitcoin Cash contributed over $71,500 of the total volume recorded in February. In other words, BCH was acceptable at 97.01% of all the merchants’ points of sale. An app called Hula, supported most of the BCH payments as it allows instant conversion of BCH to Australian dollar, thereby shielding the merchant from price volatility.