Tanya Abrosimova
Independent Analyst
- BCH/USD retraced from the recent highs.
- More sell-off is possible on a sustainable move below $300.00.
Bitcoin Cash (BCH) remains a growth leader on a week-on-week basis with over 70% of gains in recent seven days. However, the intraday picture looks less optimistic. The fifth largest digital asset has lost 5.5% since this time on Monday to trade marginally below $300.
Bitcoin Cash technical picture
On the intraday level, BCH/USD is attempting a bearish breakthrough below $300. If the level is taken out, the sell-off may be extended towards $270 (SMA200 1-hour). Meanwhile, the ultimate support is created by $250 area, which includes DMA200 and SMA200 1-hour. A sustainable move lower will support the short-term bearish case for the coin.
On the upside, the local barrier is produced by $311.70 (SMA50 1-hour). This barrier has been keeping the bulls at bay since the beginning of Tuesday. This barrier is followed by $330 (April, 4 high), and the ultimate resistance of $350.
Considering that the Relative Strength Index (RSI) is flat, the price may enter the consolidation phase at current levels.
BCH/USD, 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Why crypto may see a recovery right before or shortly after Bitcoin halving
Cryptocurrency market is bleeding, with Bitcoin price leading altcoins south in a broader market crash. The elevated risk levels have bulls sitting on their hands, but analysts from Santiment say this bleed may only be cauterized right before or shortly after the halving.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network (MANTA) price was not spared from the broader market crash instigated by a weakness in the Bitcoin (BTC) market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Bitcoin price uptrend to continue post-halving, Bernstein report says as traders remain in disarray
Bitcoin is dropping amid elevated risk levels in the market. It comes as traders count hours to the much-anticipated halving event. Amid the market lull, experts say we may not see a rally until after the halving.
OMNI post nearly 50% loss after airdrop and exchange listing
Omni network (OMNI) lost nearly 50% of its value on Wednesday after investors dumped the token following its listing on top crypto exchanges. A potential reason for the crash may be due to the wider crypto market slump.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.