Search ForexCrunch
  •  The No. 5 coin keeps its range within a descending channel.
  • BCH/USD looks vulnerable while below 21-HMA.   
  • The spot is top loser amongst top 5 favorite crypto coins on Easter.

Bitcoin Cash (BCH/USD) is attempting a tepid recovering from a drop to a daily low of 227.45 so far but the further upside appears elusive, as sellers continue to lurk above 230.50. The spot sheds nearly 2% to trade around 229 levels, consolidating in a familiar range, having hit a high of 235.58 early Sunday. A quiet trade sentiment prevails across the crypto board, as investors are likely away celebrating the Easter festivities. The digital asset remains on track to book a 3% weekly loss. The market capitalization for BCH/USD stands at $4.23 billion.

BCH/USD hourly chart

 

No. 5 coin is ranging in a descending channel, with bears likely to retain control so long as the price stays below 21-hourly Simple Moving Average (HMA) at 231.02.

In absence of any substantial supports, the spot risks further falls. The next support is directly seen at the channel trendline support of 220.94. An hourly close below the latter will validate the channel formation, with the prior downside momentum likely to continue.  

On the flip side, if the bulls manage to regain the 21-HMA, the next resistance awaits at the bearish 50-HMA, 233.80. Buyers will accelerate control driving the pair to test the pattern trendline resistance at 237.12.

All in all, the intraday outlook remains bearish, also as the hourly Relative Strength Index (RSI) points south below the midline.  

BCH/USD levels to watch