- Bitcoin Cash fails to hold above $240 despite price action to $241 (intraday high).
- BCH/USD is likely to continue trading sideways within a narrow range between the 50-day SMA and 200-day SMA.
Bitcoin Cash is battling with selling pressure as the European session commences. From an opening session of $239, BCH only managed to hit intraday highs of $241. The crypto is valued at $238 amid a growing bearish grip.
Looking at the daily chart, Bitcoin Cash’s immediate downside is supported by the 50-day SMA. On the upside, the 200-day SMA continues to cap gains at $270. BCH/USD is also trading below a key ascending trendline.
Technically, sideways trading is likely to take center stage. The RSI is horizontal at 50 which shows that buyers have the energy to hold the price at the 50-day SMA support. However, we cannot ignore the bearish pressure as shown by the Elliot Wave Oscillator. In other words, upward action will continue to be limited even though BCH holds the short term support.
Bitcoin Cash intraday key levels
Spot rate: $237
Relative change: -1.82
Percentage change: -0.75
Low: $234.20
High: $241.09
Trend: Bearish bias
BCH/USD daily chart
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