- Bitcoin Cash spikes above $230 and steps past $235 as buyers return from their hiding.
- The cryptoasset, BCH is in the hands of the bulls but the low trading volume limits what they bulls can do.
Bitcoin Cash bulls are making a comeback after a weekend session characterized sideways trading due to low activity. The Asian session on Monday started on a different note with Bitcoin Cash extending the price action above $230. With over 2% in gains from the opening value, BCH is trading above the 200 SMA as well as the stubborn seller congestion zone at $235.
At the time of writing, BCH/USD is dancing with $235.43. The bulls appear to be settling for consolidation. Looking at the RSI, the digital asset is in the hands of the bulls. Sideways trading is likely to take over in the near term, especially if the RSI fails to cross into the overbought region soon enough.
BCH/USD 1-hour chart
The MACD still places BCH into the hands of the bulls. It is, therefore, apparent Bitcoin Cash is technically ready for a lift-off above $240 but in retrospect, the low volume limits the impact the bulls have on the price. For now, the best the bulls can do is to hold the price above the short term support at $235. In case of a reversal occurs, other support areas include $230 and $225.
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