Bitcoin Cash Price Analysis: BCH/USD gains 2%, recovers earlier losses
|- Bitcoin Cash reverses earlier losses on Firday.
- The critical resistnace is created by $241.00.
Bitcoin Cash (BCH) is the fifth largest digital asset with the current market value of $4.8 billion. The coin regained ground after the initial sell-off to $228.04 during early Asian hours to trade at $231.23 at the time of writing. BCH experienced a strong growth and gained over 2% in a matter of minutes amid fresh demand registered on approach to the local support area.
BCH/USD: Technical picture
On the inyraday chart, BCH/USD recovery is capped by the middle line of the Bollinger Band on approach to $232.00. Once it is out of the way, the upside is likely to gain traction with the next focus on 1-hour SMA50 at $232.60 and 1-hour SMA200 on approach to $235.00. This area served as a resistance on Thursday, which means the short-term bulls may have a hard time pushing the price higher. The ultimate technical barrier is created by daily SMA100 at $237/00 and a combination of daily SMA50 and the middle line of the daily Bollinger Band above $241.00.
On the downside, the local support is created by psychological $230.00. Once it is out of the way, the price may retest the intraday low of $228.04. The next barrier comes at $223.22 (the lower line of the daily Bollinger Band).
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.