Bitcoin Cash (BCH) nearly doubled its value in recent seven days

BCH/USD is the best-performing coin on a weekly basis.
The upside is backed by positive fundamentals.
An intraday RSI implies more upside potential.

Tanya Abrosimova Independent Analyst

Bitcoin Cash (BCH) is an uncontested growth leader on a week-on-week basis. The fifth largest digital asset gained nearly 90% in recent seven days to trade at $316 by the time of writing. BCH/USD hit $352 on April, 3 and closed the bearish gap created on November, 12, 2018.

While Bitcoin Cash has been following Bitcoin, just like any other altcoin. There are several factors that helped to create positive vibes around BCH. Thus, Crypto Facilities, a subsidiary of the US-based cryptocurrency exchange Kraken, registered a sharp increase in bitcoin cash futures trading, while Bitcoin Cash developers launched Simple Ledger Protocol to allow dev teams to create new tokens on Bitcoin Cash blockchain.

Bitcoin Cash technical picture

On the intraday level, BCH/USD is effectively supported by SMA50 1-hour, currently at $307. Once this local barrier is out of the way, the sell-off may be extended towards psychological $300 strengthened by SMA100 (1-hour) followed by $272 (the lowest level after the recent rally to multi-months highs). However, the ultimate support is created by $254-$252 area, which includes SMA50 4-hour and SMA200 1-hour). A sustainable move lower will darken the short-term technical picture.

On the upside, the local barrier is produced by $330 (April, 4 high), followed by the ultimate resistance of $350. Considering that the Relative Strength Index (RSI) points upwards, the short-term risks are scewed to the upside.

BCH/USD, 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

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