Bitcoin Cash bullish on February 7: BCH/USD is knocking on critical resistance
- Bitcoin Cash has gained over 2.7% on a day-over-day basis.
- Bulls need to regain $116.00 to improve the technical picture.
Bitcoin Cash is trading at $115.46 at the time of writing. The fifth largest cryptocurrency with a market value of $2B has gained 2.7% in recent 24 hours. However, it is still struggling under a critical resistance created by a lower boundary of the previous horizontal channel at $115.50.
On the intraday level, BCH/USD managed to recover above both 50 and 200 SMA (1-hour). However, the technical picture remains bearish as long as the price stays under $116.00-$116.10 area (SMA100, 1-hour).
Once this barrier is out of the way, the recovery may be extended towards the next hurdle at $118.75 (SMA100, 4-hour) and psychological $120.00. Meanwhile, the pivotal resistance lies with $121.00 (Feb 6 high).
On the other side, bears are likely to have a hard time at $110.00 support closely followed by the recent low of $109.10. If they manage to take the price lower in a sustainable way, the downside will be extended towards $105.65 (Jan 29 low) and psychological $105.00.
Meanwhile, the founder of Bitcoin.org и Bitcointalk.org aka Cobra criticized the coin, calling it is dead and useless.
“Bcash is dead. Time to dump this worthless crap. Had a chance at success but momentum is now working against it — toxic community. Will be unfollowing Bcash focused accounts on here. Good riddance,” he wrote in his Twitter account.
The post drew an angry rebuke from Bitcoin Cash supporters.
BCH/USD, 1-hour
Author
Tanya Abrosimova
Independent Analyst
