Bitcoin Cash (BCH) market update: BCH/USD downside momentum is gaining traction
|- BCH/USD retraced from the recent highs.
- More sell-off is possible on a sustainable move below $270.00.
Bitcoin Cash (BCH) has lost nearly 7% of its value amid global downside correction on the cryptocurrency market. The fifth largest coin with the market value of $4.9 billion slipped below $300 to trade at $280 at the tome of writing due to deteriorating technical picture and bulls’ failure to keep up the recovery pace.
Bitcoin Cash technical picture
On the intraday level, BCH/USD is capped by $$298.50-299.00. This resistance area created by a combination of SMA50 and SMA100 (1-hour) separates the price from critical $300. Once it is out of the way, the recovery will get back on track with the next focus on $330 (April, 4 high), and the ultimate resistance of $350.
On the downside, the local support is created by an intraday low of $272.70 followed by $270.00. However, the ultimate support lies with psychological $250.00 followed by DMA200 at $247.50. A sustainable move lower will support the short-term bearish case for the coin.
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