- Bitcoin Cash (BCH) has been sliding down after hitting $315.00.
- The coin is driven by bearish sentiments that dominate the market.
Bitcoin Cash (BCH), now the fifth-largest digital asset with the current market capitalization of $5.3 billion, has lost over 3% of its value in recent 24 hours to trade at $293.20 by the time of writing. BCH/USD attempted to stay above $300.00 handle during early Asian hours, but the overall downside trend on the cryptocurrency market pushed it down.
Read also: Ethereum’s creator Vitalik Buterin suggested using Bitcoin Cash blockchain as a temporary solution for ETH scalability issues.
Bitcoin Cash’s technical picture
BCH /USD topped out at $315 on July 25 and has been sliding down ever since. A failure to stay above $300 handle spoils the short-term technical picture of the coin. We will need to have this ground regained pretty soon to mitigate an immediate bearish pressure.
The nearest support awaits us at $291.00, which is Thursday’s low. Once it is out of the way, the downside may gain traction with the next focus on $282.15 (July 24 low). The next downside barrier is created by SMA200 (Simple Moving Average) on a daily chart at $265.50, followed by the lower line of 1-day Bollinger Band at $245.00.
On the upside, a sustainable move above psychological $300 will mitigate the initial bearish pressure and create an upside impulse with the next focus on the recent high of $315.00 with the upper line of 4-hour Bollinger Band located on approach. This local resistance is followed by SMA100 4-hour at $321.50 and the middle line of 1-day Bollinger Band at $331.00.
BCH/USD, 4-hour chart
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