Bitcoin Cash market update: BCH/USD enjoys strong recovery from recent lows

Bitcoin Cash is among the biggest winners of the day. The fourth largest cryptocurrency with the market capitalization of $7.4 billion has gained over 7% on a day-on-day basis and reached $416 handle. The coin dipped below $400 during early Asian hours but managed to recover pretty soon as new buyers popped in. 

Bitcoin Cash technical picture

The daily chart is pretty straight forwards as BCH/USD managed to regain the ground lost during the sell-off in the end of the previous week and settle above $400.00. The next upside target is created by $434 handle strengthened by Sunday's high $433.70.  Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $450 and the previous week's high $452.

Meanwhile, on the downside, a sustainable move below $400  handle will open up the way towards the next bearish aim of $356 (Sunday's low) and $336.80 (the lowest level of the previous week). The critical support awaits BCH at $300, though a sustainable breakthrough is less likely here at this stage. Strong buying interest located on the approach to this area will create upside momentum and allow for a rebound.

BCH/USD, 1-day chart