Bitcoin Cash technical analysis: BCH/USD struggles to stay above $220 as cryptos slash gains

• Bitcoin Cash bulls return in full swing following the rejection at $240.
• The prevailing short-bearish trend to remain strong amid high volatility levels.

Spot rate: $225

Relative change: -4.6

Percentage change: 2%

Open: $230

High: $235

Low: $223

Trend: Strongly bearish (short-term).

BCH/USD weekly chart

Bitcoin Cash trading above a 10-months long-term trendline likely to give way for a reversal above $300.

The upside is limited by the 50 Simple Moving Average on the weekly chart.

BCH/USD daily chart

The full stochastic nears oversold levels hinting a reversal in the near-term.

The biggest task for the bulls is to defend $220 support and focus on the return to $240.

BCH/USD hourly char

The ascending trendline remains in place to offer support despite the correction from the recent highs.

Bitcoin Cash digs deeper into the Bollinger Bands but the lower curve is offering support to the building bullish momentum.