RATE Group | BCH/USD plummets to $260 ahead of recovery to $300
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BCH/USD plummets to $260 ahead of recovery to $300

09 Mar BCH/USD plummets to $260 ahead of recovery to $300

Posted at 09:09h in Bitcoin News by

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  • Bitcoin Cash buyers defend $260 support, resulting in a shallow recovery above $270.
  • A forming falling wedge pattern is BCH/USD blessing in disguise, likely to support recovery to $350.

Bitcoin Cash lost balance alongside other cryptos over the weekend. The sharp drop scattered the buyers from an attempted recovery above $350 on Saturday. Losses became unstoppable with BCH/USD unable to find balance at multiple support areas including $330, $300 and $270. The bearish leg extended towards $250 but a low formed at $260, allowing the buyers a chance to enter the market.

BCH/USD has jumped above $270 and is looking forward to reclaim the ground past $280. The crypto is already oversold and therefore a reflex bullish action is expected to correct the declines with a possible jump above $300.

From a technical perspective, the sellers are largely in control especially when the MACD is considered. The indicator is stuck in the negative zone and features a vivid…

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