Bitcoin Cash (BCH) nearly doubled its value in recent seven days
|- BCH/USD is the best-performing coin on a weekly basis.
- The upside is backed by positive fundamentals.
- An intraday RSI implies more upside potential.
Bitcoin Cash (BCH) is an uncontested growth leader on a week-on-week basis. The fifth largest digital asset gained nearly 90% in recent seven days to trade at $316 by the time of writing. BCH/USD hit $352 on April, 3 and closed the bearish gap created on November, 12, 2018.
While Bitcoin Cash has been following Bitcoin, just like any other altcoin. There are several factors that helped to create positive vibes around BCH. Thus, Crypto Facilities, a subsidiary of the US-based cryptocurrency exchange Kraken, registered a sharp increase in bitcoin cash futures trading, while Bitcoin Cash developers launched Simple Ledger Protocol to allow dev teams to create new tokens on Bitcoin Cash blockchain.
Bitcoin Cash technical picture
On the intraday level, BCH/USD is effectively supported by SMA50 1-hour, currently at $307. Once this local barrier is out of the way, the sell-off may be extended towards psychological $300 strengthened by SMA100 (1-hour) followed by $272 (the lowest level after the recent rally to multi-months highs). However, the ultimate support is created by $254-$252 area, which includes SMA50 4-hour and SMA200 1-hour). A sustainable move lower will darken the short-term technical picture.
On the upside, the local barrier is produced by $330 (April, 4 high), followed by the ultimate resistance of $350. Considering that the Relative Strength Index (RSI) points upwards, the short-term risks are scewed to the upside.
BCH/USD, 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.