Bitcoin Cash price analysis: BCH/USD recovery suppressed by the 50 SMA resistance
- Bitcoin Cash sustains uptrend from $270 recent support; the target is still at $300.
- The price is trading between the 50 SMA resistance and the 100 SMA support.
Bitcoin Cash and other selected cryptocurrencies are holding strong in the green despite the majority of digital assets sliding back in the red. The Asian session brightened the crypto landscape with all digital assets posting minor gains. However, the momentum was not strong enough to sustain northwards movements hence the current slump.
Meanwhile, Bitcoin Cash is trading at $287 after correcting higher 0.40% on Tuesday. The recovery from the recent support at $270 has been lethargic but consistent. An attack on $300 failed to yield results as BCH retested $280 on Monday.
The trendline support and the 100 SMA have also been very instrumental in the recovery. BCH, however, must rise above the 50 SMA on the 4-hour chart resistance at $290 to have the space to stir action towards $300. From a technical perspective, the journey to $300 will not come easy. The RSI is settling in a ranging motion as a signal for a possible sideways trending motion in the incoming sessions.
BCH/USD 4-hour chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
