Bitcoin Cash market update: BCH/USD spikes over 10% leading crypto recovery
|- In less than a week BCH/USD has lost over 26% of its value.
- BCH/USD extended the declines on Monday below $260 before finding support at $255.
- BCH is trading at $315 while supported by the 100 Simple Moving Average.
Bitcoin Cash massively trimmed the gains over the weekend and the sessions following the opening on Monday. In less than a week BCH/USD has lost over 26% of its value further causing significant denting in the progress that had been made in the last couple of months.
The initial drop last week failed to find support at $400 allowing further breakdown under $380 and $340 support areas. The trading over the weekend gave way to more declines leading to acute losses not only below $320 but also $300. BCH/USD extended the declines on Monday below $260 before finding support at $255.
With recovering digital assets scattered across the market, Bitcoin Cash is emerging as the biggest daily gainer having added more than 10% on the day. Recovery from the support got a boost on breaking above the 100 Exponential Moving Average (EMA). This propelled Bitcoin Cash above $300 and briefly stepped above $320 hurdle.
Also Read: Bitcoin market overview: BTC/USD blast through $10,500 awakening the bulls
At press time, BCH is trading at $315 while supported by the 100 Simple Moving Average (SMA). The area above $320 is limited by the 100 SMA currently at $331. Further correction upward will battle $340 resistance ahead of the $360 supply zone.
BCH/USD 1-h 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.