- Bitcoin Cash holds above $235 support amidst widespread cryptocurrency loses.
- BCH/USD is trading between the 50 SMA support and 200-day SMA resistance.
Bitcoin Cash extended the bearish action on Monday below the $240 support. A low was formed at $235, marking the end of the intraday bearish action. BCH/USD has corrected upwards to trade at $241. However, it is still far from the intraday high achieved at $252. With entire cryptocurrency market clouded by a bearish wave, BCH could retest the short support but no rapid price movements are expected in the near term especially with the volatility shrinking.
Meanwhile, the price is trading between the 50-day SMA support and the 200-day SMA resistance. Above the 50-day SMA resistance, an ascending trendline is in line to offer short term support.
According to the RSI retreating movement from the overbought displays an increasing bearish picture. The MACD had been trending upwards inside the positive territory but is now closing in towards the mean line. If the divergence turns bearish, then there is a chance that sellers will continue to influence the price. For now the biggest task is to keep the price above $240 and prevent losses that could retest $235 support because a return to $200 is not out of the picture.
BCH/USD daily chart
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