- Bitcoin Cash vigorously defends $240 support after the rejection at $250.
- Technical levels remain intact in spite of the retreat from the resistance hurdle at $250.
Bitcoin Cash recovery is capped under $250 despite the positive start on Monday. The asset has also spent the last three weeks pushing for gains after finding a tentative bottom around $170. Several resistance levels hindered growth, including $180, $200 and $220. However, the surge yesterday blasted BCH above $240 where the resistance at $240 was tested.
Currently supporting the price that is teetering at $240 is the Bollinger Band 4-hour middle curve, the 50 SMA $216 and the 100 SMA at 205. On the flip side, the immediate upside is limited by the BB 4-hour upper curve and the hurdle at $240.
Technically, the current trend is positive and in favor of the bulls. The RSI’s defiance to stay above 70 suggests that bullish pressure is building. Besides, the MACD is moving sideways at +8.18 and features a bullish cross. If the technical picture remains intact, Bitcoin Cash is likely to push towards $250 while keeping the focus on $300.
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