Bitcoin Cahs Price Analysis: BCH/USD regains ground, bulls target at $300.00

Bitcoin Cash (BCH) has recovered from the intraday low of $282.27 and hit $291.82 during early Asian hours. At the time of writing, BCH/USD is changing hands at $291.20, having gained over 2% since the beginning of the day and 2.6$ on a day-to-day basis. Despite the recovery, the sixth-largest digital asset with the current market value of $5.3 billion is still down 5% on a week-to-week basis.

BCH/USD: The technical picture

BCH/USD hit the recent bottom at $276.19 on August 22 and has been growing slowly ever since. The coin has made its way above 1-hour SMA100 at $288.00, which is a positive short-term technical signal. However, the further upside is still capped by a combination of strong technical levels, including 1-hour SMA200, 4-hour SMA50, and SMA100 located on the approach to psychological $300.00. A sustainable move above this barrier is needed for the upside to gain traction. Once this happens, the recent high of $325.00 will come into focus. 

BCH/USD 1-hour chart

On the downside, the local support is created by the above-mentioned 1-hour SMA100, which is closely followed by 4-hour SMA200 at on approach to critical $285.00.  A sustainable move below this area will increase the short-term bearish pressure and bring the recent lo of  $276.19 back into focus.

Meanwhile, the RSI on the intraday charts points upwards, which means the price has not exhausted its bullish potential yet.

BCH/USD 4-hour chart