- The 50 SMA and the 100 SMA will provide anchorage at $153.80 and 145.73 respectively.
- Expect Bitcoin Cash to trim gains towards $150 in the coming sessions on Monday.
Bitcoin Cash is among the biggest gainers in March. It has gone against all odds to defy the bear pressure breaking various barriers to the north. BCH/USD opened the trading on March 1 roughly at $129.53 and has over the last couple of weeks increased by 17.91% to exchange hands at $157.91 at the time of writing.
Before the current gains, Bitcoin Cash was stuck in a resistance range that has turned into a key support zone Between $125 and $135. The struggle to break out of the range yielded fruits when Bitcoin extended the gains above $140. Further upwards movement cleared $150 and $160 hurdles. In fact, BCH/USD tested $165 during the Asian session today.
However, there has been a correction to the south with Bitcoin bears taking over control. The first support has already been established at $155, but before that the ascending trendline will work as a support line. In addition to that, the 50 SMA and the 100 SMA will provide anchorage at $153.80 and 145.73 respectively. As mentioned above, the key support is the former range resistance between $135 – $125.
Expect Bitcoin Cash to trim gains towards $150 in the coming sessions on Monday. Sideways trading will then take over to give the buyers time to gather strength and retest $165 hurdle again.
BCH/USD 1-hour char