Bitcoin Cash price analysis: BCH/USD recovering from recent loss, upside momentum may be fading away

• BCH/USD is up 1.8% in recent 24 hours, but the recovery may be limited by $550 handle.
• Growing number of Bitcoin Cash ATMs promotes coin’s mass adoption.

Bitcoin Cash (BCH) is changing hands at $530, off Wednesday’s low of $506. The coin is recovering in sync with the rest of the cryptocurrency market. BCH/USD is 1.8% higher on day-on-day basis with the current market value registered at $9.1B and an average daily trading volume $527 which is in line with long-term average figures.    

What’s going on

Meanwhile, Bitcoin Cash team promotes the coin’s popularity and mass adoption with a growing number of ATMs located all over the globe.  According to Coinatmradar statistics,  the USA is na absolute leader in terms of Bitcoin Cash ATMs, while Britain has more BCH teller machines than any other European country: there are 70 spots in the country where you can exchange fiat money with Bitcoin Cash. While  

Bitcoin Cash technical picture  

From the technical point of view, the first local support is seen at $525 with SMA200 and SMA50 (1-hour) clustered around that level. Once it is cleared, the sell-off may continue towards $506 (Wednesday’s low) and to psychological $500.  

On the upside, BCH/USD will need to climb above $550 handle created by an upper border of a short-term channel.  Once above the recovery may be extended towards $580 and $590 (September 27 high).

BCH/USD, 1-hour chart