Bitcoin Cash price analysis: BCH/USD capped by $160.00, bears are on the alert
|- BCH/USD has gained over 22% in recent 7 days.
- The upside may be limited due to technical correction.
Bitcoin Cash (BCH), the sixth largest coin by market value, is changing hands at $156.23. The coin has gained 1.2% since this time on Wednesday, though it is still 6% lower from the recent high touched at $166.53 on March 18. Bitcoin Cash has a capitalization of $2.8B and an average daily trading volume $376M.
On the intraday level, BCH/USD is supported by SMA100 (1-hour) currently at $156.49. Once it is cleared, the downside is likely to gain traction with the next bearish target $152.90 (Wednesday’s low) followed by psychological $150.00. Meanwhile, a sustainable move lower will open up the way towards $147.50 (SMA50, 4-hour) and $146.70 (SMA200, 1-hour).
On the upside, the major short-term target is $160.00, followed by the recent high at $166.53. The ultimate bullish target at this stage is $170.00; however, the move towards that area seems less likely considering flat intraday RSI and an extended consolidation below recent highs.
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.