Bitcoin Cash Price Analysis: BCH/USD flirts with pivotal $230.00, bears are on the alert

Bitcoin Cash (BCH) tested the intraday low of $224.04 and recovered to $230.00 by the time of writing. The coin takes fifth place in the global cryptocurrency rating with the current market value of $4.24 billion and an average daily trading volume of $1.4 billion. BCH/USD has lost over 2.6% in the recent 24 hours and stayed mostly unchanged since the beginning of the day. 

BCH/USD: Technical picture

Bitcoin Cash has lost over 4% of its value in a matter of hours after a failed attempt to settle above $240.00. The price slipped below 1-hour SMA100 at $239.00 and smashed 1-hour SMA50 at $237.00 as the downside momentum has gained traction.  A sustainable move below $230.00 is an ominous signal for the coin, as it is a pivotal level in the short run. If it fails to return above this barrier, the sell-off is likely to continue towards the intraday low os $224.00 and the lower line of the 1-hour Bollinger Band at $213.00.

On the upside, the initial resistance area is created by the above-mentioned MAs. Once it is out of the way, the upside is likely to gain traction with the next focus on $240.00.

 BCH/USD 1-hour chart