Bitcoin Cash Price Analysis: BCH/USD regains ground above daily SMA200

Bitcoin Cash resumed the recovery after the sell-off during early Asian hours.
The coin regained ground above the critical 200-day SMA.

Tanya Abrosimova Independent Analyst

Bitcoin Cash (BCH) resumed the recovery after the sell-off to $263.47. At the time of writing, BCH/USD is changing hands at $272.75 with almost 5% of gains on a day-to-day basis. The coin takes fifth place in the global cryptocurrency market rating with the current market value of $5 billion. An average daily trading volume is 2.5 billion

BCH/USD: Technical picture

On the intraday charts, BCH/USD has settled above the middle line of the 1-hour Bollinger Band. The next resistance is created by the upper line of the above-mentioned BB at $276.00. It is followed by the recent recovery high at $279.00. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $300.00. Considering that the price regained ground above at 200-day SMA at $273, the bullish scenario looks credible at this stage.

BCH/USD 1-hour chart

On the downside, the correction may be extended to $270.00. If it is broken, the upper line of the daily Bollinger Band of $264.50 will come into focus. This technical level serves as local support and the first correction target. Once it is out of the way, the sell-off may be extended towards 100-day SMA at $238.60 and 50-day SMA at $234.65.