- Bitcoin Cash adopts support at $ 270 in favor of a mid-term recovery of $ 300.
- Bitcoin Cash is likely to resume consolidation with support of $ 275 before a breakout occurs.
Bitcoin Cash bulls are intentional in their push for gains above $ 300 following a sharp drop in support to $ 300. The current rally is taking place within a bearish flag pattern. This means buyers will have to work a little harder to keep the momentum going towards $ 300. Otherwise, Bitcoin Cash is unclear on the support at $ 270.
Meanwhile, BCH / USD holds at $ 276 (current market value). Depending on technical levels, Bitcoin has the potential for earnings of up to $ 300, at least when short-term analysis is considered. However, a confirmed breakout above $ 280 and the bearish flag setup will help determine the bullish strength. Some of the hurdles that would delay the breakout include the 50 SMA at $ 285 and the 100 SMA at $ 292.18.
According to RSI (holding the position above 40), the trend is in the hands of the bulls. Unfortunately, the MACD has remained in the negative region, it is obvious that there is not enough volume to maintain gains above $ 300 as quickly as investors would have liked. In this case, consolidation could take priority with Bitcoin Cash settling into short-term support at $ 270.