Home Bitcoin Cash Price Analysis: BCH/USD regains ground above daily SMA200
Crypto News

Bitcoin Cash Price Analysis: BCH/USD regains ground above daily SMA200

  • Bitcoin Cash resumed the recovery after the sell-off during early Asian hours.
  • The coin regained ground above the critical 200-day SMA.

Bitcoin Cash (BCH) resumed the recovery after the sell-off to $263.47. At the time of writing, BCH/USD is changing hands at $272.75 with almost 5% of gains on a day-to-day basis. The coin takes fifth place in the global cryptocurrency market rating with the current market value of $5 billion. An average daily trading volume is 2.5 billion

BCH/USD: Technical picture

On the intraday charts, BCH/USD has settled above the middle line of the 1-hour Bollinger Band. The next resistance is created by the upper line of the above-mentioned BB at $276.00. It is followed by the recent recovery high at $279.00. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $300.00. Considering that the price regained ground above at 200-day SMA at $273, the bullish scenario looks credible at this stage.

BCH/USD 1-hour chart

On the downside, the correction may be extended to $270.00. If it is broken, the upper line of the daily Bollinger Band of $264.50 will come into focus. This technical level serves as local support and the first correction target. Once it is out of the way, the sell-off may be extended towards 100-day SMA at $238.60 and 50-day SMA at $234.65. 

BCH/USD daily chart

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.