RATE Group | BCH/USD edges its way towards $300
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BCH/USD edges its way towards $300

17 Jul BCH/USD edges its way towards $300

Posted at 11:13h in Bitcoin News by

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  • Bitcoin Cash appreciates 3.9% on Wednesday as bulls return following the recent drop.
  • The resistance at the 50 SMA currently at $300 must be overcome for more correction to the upside.

Bitcoin Cash is revamping the uptrend after falling victim to selling pressure for the second time in the same week. The initial drop towards the end of the last week culminated in a dive under $300 on Monday this week. Moreover, the losses extended below the key support at $260 forming a July low at $255.

The staged recovery stepped above the resistance at $300 and $320 respectively hitting a weekly high at $328 before retracement began. The bearish pressure across the entire market on Tuesday saw BCH/USD tumble massively right back to the recent support at $260.

Meanwhile, there has been a correction from the key support area where the price is dancing with $293 while grinding closer to the hurdle at $300. The price has stepped above the 21 Exponential Moving Average (EMA)…

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