Bitcoin Cash (BCH) market update: BCH/USD tests waters below $300.00

BCH/USD retraced from the recent highs.
More sell-off is possible on a sustainable move below $300.00.

Tanya Abrosimova Independent Analyst

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

Author

Tanya Abrosimova

Independent Analyst

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