Bitcoin Cash price analysis: BCH/USD back inside the range, ready to resume growth

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  • BCH/USD is the worst-performing digital asset on Thursday.
  • The intraday RSI implies an upcoming recovery.

Bitcoin Cash has run out of luck recently. The growth leader of the previous day retraced from the recent high to trade well below $130.00 handle at the time of writing. BCH/USD is down nearly 3% since the beginning of Asian trading with the downside momentum gaining traction.

The sell-off has no particular fundamental reason. Most likely it is the factor of the profit-taking and the overall market sentiments.

Bitcoin Cash, the technical picture

BCH/USD attempted to break free from the range; however, the upside movement proved to be unsustainable as the coin returned below the upper border of the channel pretty quickly.

At the time of writing, BCH/USD is hovering around $127.00 handle, supported by SMA50 (4-hour). If the price moves lower, the sell-off may gain traction with the next focus at $125.20 (SMA100) and the above-said channel support.

On the upside, the recovery is likely to be capped by psychological $130.00 handle and the channel resistance at $130.60. Once above, the price might continue growing towards the recent high registered on approach to $135.00.

Considering the sights of the RSI reversal, BCH/USD has a chance to re-test the recent high, though further upside would require new catalysts and the improvement of the overall market sentiments.

BCH/USD, 4-hour chart

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