Bitcoin Cash price analysis: Bulls ready to give BCH/USD a push above the 61.8% Fib level
- Bitcoin Cash leads the recovery ahead of Bitcoin and Monero.
- BCH/USD forming a higher low pattern from July 24 lows.
Bitcoin Cash is the generally bearish market a nice shed of green today. Besides, BCH the other cryptos subtly in the green are Bitcoin and Monero. With a relative change of +2.57, the price is up 0.87% on Tuesday. It opened the session at $305.31, surged to $309.23 before correcting lower to the current market value at $307.
Looking at the hourly chart, a higher low pattern has been forming since the lows touched on July 24. The price soared to highs above $325 on July 27. A high formed at $326.28 (Fib level swing high), in turn, giving the bears the power to revenge.
Credible support has established at the 38.2% Fib retracement level taken between the last drop from $326.28 to a low of $281.9 around $300. However, this week saw Bitcoin Cash slide to lows below $290 before revamping the uptrend.
Meanwhile, a tremendous recovery propelled BCH past the 50 Simple Moving Average (SMA) 1-hour resistance. The price brushed tried and failed to break the 61.8% Fib level resistance. Exchanging hands at $307, the biggest battle is to push BCH above $300. Technically, the bulls have the potential to push for more gains. The full stochastic oscillator, for instance, is pointing upwards almost entering the overbought. This suggests that the bulls will remain in control in the coming sessions.