Bitcoin Cash (BCH/USD) has been on a good upmove so far this week. That said, the uprise got held near the 325 barrier, which is near the current highest point of this month. At the same time, the crypto remains above its short-term tentative upside support line drawn from the low of July 20th. Even if the price corrects a bit lower, as long as it remains above that upside line, we will stay positive.
As mentioned above, if BCH/USD corrects a bit lower, but the upside line stays intact, that may attract the buyers back into the game, potentially lifting the price again. However, to get a bit more confident with higher areas, a break of the previously mentioned 325 barrier would be needed. Such a move would confirm a forthcoming higher high and possibly open the way to the 351 hurdle, marked by the highest point of March. Slightly above it sits another potential resistance area, at 365, which might halt the acceleration. That area marks the lows of February 17th and 21st.
Although the RSI is currently pointing a bit lower, it still sits well above 50. The MACD is fractionally above its trigger line, but well above zero. Both indicators still suggest a rising upside price momentum, which is inline with our main scenario.
On the downside, if the price breaks the aforementioned upside line and then falls below the 268 hurdle, marked by the low of last week, that would confirm a forthcoming lower low and could open the way to some lower areas. Bitcoin Cash might then drift to the 245 obstacle, a break of which might clear the path to the 217 and 212 levels, marked by the lows of July 20th and 5th respectively.
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