Bitcoin Cash market update: BCH/USD bulls wait for a signal amid market indecision
|- Bitcoin staged a recovery towards $420 but decreasing buying pressure culminated in a correction under $415.
- BCH/USD trading pair lacks the momentum to correct higher with the upside immediately limited by the 50 SMA 15-mins
BCH/USD is among the cryptocurrencies that are holding on to the slightly intraday gains on Wednesday. A recovery staged yesterday saw Bitcoin Cash brush shoulders with $420. The decreasing buying pressure failed to break past the trendline resistance. Bitcoin Cash has since retreated below $415 and the is trading marginally below the 50 Simple Moving Average (SMA) 15-mins.
Most of the attention in the cryptocurrency industry has shifted to the soon to launch Libra, the stablecoin cryptocurrency being developed by the social media giant Facebook. Facebook intends to push the levels that most digital assets including Bitcoin have failed to reach. Libra is targeting to bank about 1.7 billion people that are unbanked in addition to being commercially acceptable. It will also be the preferred transaction crypto as it will have smoothed volatility having the backing of reserves in various currencies.
Read more:
Facebook’s crypto Libra hits a snag: U.S Congress and regulators must examine it first
Bitcoin Cash technical picture
Looking at the 15-mins chart for BCH/USD trading pair lacks the momentum to correct higher with the upside immediately limited by the 50 SMA 15-mins and the 21 Exponential Moving Average (EMA) 15-mins. Besides, the trendline resistance is key to the upside movement and a break above this level would bring the focus on $420 levels and further open the road towards $500.
On the downside, the 100 SMA 15-mins is immediately supporting the price. If BCH/USD losses clear this level, $410 is in line of support in addition to $405 and $400.
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