Bitcoin Cash Price Analysis: BCH/USD gains nearly 3% on Monday, targets at $230.00

Bitcoin Cash (BCH) price increased by over 2% in a matter of minutes amid a strong bullish rally across the cryptocurrency market. At the time of writing, BCH/USD is changing hands at $228.40, off the intraday high of $229.34. The coin takes 6th place in the global cryptocurrency rating and has the market capitalization of $4.19 billion. It is one ow the best-performing coins on Monday as the upside momentum gains traction.

BCH/USD: The technical picture 

On the intraday chart, BCH/USD broke above a strong local resistance level created by a combination of 1-hour SMAs at $222.00. The move created a strong momentum and pushed the price above the upper line of the 1-hour Bollinger Band (BB) and 4-hour SMA100 at $227.68. If the bullish trend gains traction, the price may retest $230.00 for the first time since June 27. 

BCH/USD 1-hour chart

Considering the upward-looking RSI in the intraday charts, the price may continue moving towards the above-said barrier. However, on the downside correction starts, BCH/USD may retreat to $227.00 and $226.50 (the upper line of the 4-hour Bollinger Band). The ultimate support is created by a combination of 1-hour and 4-hour SMAs on approach to $222.00.

BCH/USD 4-hour chart