- BCH bulls fighting back control amid a down day for cryptos.
- Trapped in narrow range, below key HMAs.
Bitcoin Cash (BCH/USD) pauses its tepid recovery from six-day lows of 302.22 on Sunday, as the bears look to extend the three-day losing into the weekly closing. The No. 4 coin breached Thursday’s low of 302.41 but managed to hold the 302 handle before recovering to now trade around 306.00. Despite the latest recovery attempt, the price is down 3% in the last 24 hours, standing at a market capitalization of $ 5.52 billion vs. $ 5.63 billion previous.
BCH/USD 1-hour chart
As observed on the hourly sticks, the price continues to face rejection along the falling wedge upper trendline while buyers jump in at the lower boundary, leaving the coin wavering in a narrow range since last Friday. On Sunday, the price bounced-off the trendline support at 302.22 but the upside attempts appear shallow, with the hourly Relative Strength Index (RSI) aiming to regain the 50-neutral level. Should the recovery gain momentum the bearish 21-hourly Simple Moving Average (HMA) at 309.40 could immediately guard the upside. A break above the last will put the key resistance zone around 310.80-311.35, the confluence of pattern trendline resistance and horizontal 200-HMA, at test.
However, a failure to rise above the 21-HMA, sellers are likely to return for a retest of the multi-day lows of 302.22 below which the pattern trendline support now at 301.05 will come into play.
BCH/USD Levels to watch
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