Bitcoin Cash (BCH) Finally Kicks Starts a High Stride; Market Bears May Take a Break

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The tables have been turned for Bitcoin Cash as the coin has started an upward movement after declining for the tenth straight day. After managing a price rebound above $244, the coin is currently consolidating at $241.17 at 06:00:31 UTC.

Bitcoin Cash Price Analysis

Bitcoin Cash has traced a low swing near $235 as it broken below major support levels and bounced back with a rebound. The BCH coin was trading above $247 when it opened yesterday, and with a steady price drop, it saw bottom at $235 as it breached support levels at $245, $243 and $240.

The price level of $235 has acted as decent support, and it propelled the coin for a price recovery. Tracing a rising channel, Bitcoin Cash price has increased by more than 3.84%. At the plunge near $235, buying the security can fetch returns of 6.13%, when the target price is $250, while the stop-loss price is at $232.53.

BCH Chart By TradingView

Technical indicators for the BCH coin are bullish at the moment as the short term SMA line (50-days) is above the long term SMA line (200-days). Meanwhile, the MACD chart is heading towards the bullish zone with its MACD line on the upside.

Bitcoin Cash is likely to see resistance at $253.28, $262.14 and $270.37 while its support levels stand at $236.19, $227.96 and $219.1.

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