Tanya Abrosimova
Independent Analyst
- BCH/USD os the best performing digital asset among top-20 coins.
- The short-term picture implies that the recovery may be short-lived.
- $6M have been stolen via fake Roger Ver accounts.
Bitcoin cash has been one of the fastest growing cryptocurrencies on Tuesday. The coin gained over 6% in recent 24 hours and extended the recovery during early Asian hours on Wednesday. BCH/USD is changing hands at $130.50 at the time of writing amid expanding volatility.
The coin takes the fourth place in the cryptocurrency market rating with the total capitalization of $2.29B and an average daily trading volume of $264M.
Meanwhile, hackers managed to trick over $6M out of the pockets of unsuspecting social media users by pretending to be Bitcoin Cash's evangelist Roger Ver.
The thieves used fake accounts in Twitter and Instagram and asked users to make small donations in exchange for generous giveaways.
To prevent such practices, the CEO of Bitcoin.com suggested creating a Proof-of-Human algorithm to identify fake accounts in social media.
Bitcoin Cash, the technical picture
On an intraday level, BCH/USD has reached the upper border of the previous short-term channel that limited the coin’s movements. Once $130.50 barrier is cleared, the coin may extend the recovery towards $135.00 and to January 14 high at $136.60.
However, considering the signs of RSI reversing from overbought territory, BCH/USD is likely to return to the lower border of the above-said channel $125.00, strengthened by SMA100 (1-hour). The next support lies with SMA50 (1-hour) at $123.70.
BCH/USD, 1-hour
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