Bitcoin Cash price analysis: BCH/USD retreats from $300.00, more downside in store


  • BCH/USD gained 40% in recent 24 hours.
  • The intraday RSI implies more downside.

Bitcoin Cash is an undisputed growth leader of the day with over 40% of gains registered in recent 24 hours. The 6th largest coin has a market value of $4.45B and an average daily trading volume over $2.5B, which is five times bigger that the long-term average figures. 

At the time of writing, BCH/USD is changing hands at $260.00 after growing to $300 during early Asian hours. Looking technically, the coin has entered a correction phase. Once the price moves below $260.00 handle, the next local barrier at $253 (DMA200) followed by $244 (intraday low) will come into focus. Meanwhile, ultimate support comes at psychological $200. 

The Relative Strength Index on intraday charts reversed to the downside, signalling that the correction is not over yet.

On the upside, a sustainable move above $280.00 will bring $300.00 back into focus, which is a hard nut to crack for the bulls at this stage.

BCH/USD, 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Dogecoin: DOGE on the verge of a 75% lift-off

Dogecoin price breaks out of a bull flag pattern after surging 20%. DOGE could surge 75% to $0.095 if it bounces from the 50% Fibonacci retracement level at $0.055. A bearish outcome could evolve if the price re-enters the “flag” and starts consolidation.

More Dogecoin News

Bitcoin price ready for another upswing as the Fed publishes new preconditions for a digital dollar

The Fed will be looking for stakeholder interest and buy-in to support the launch of a CBDC. The US is still a long way to develop a digital dollar because many structures are not yet in place.

More Bitcoin news

Solana: SOL could take a breather and pullback 30% after a 600% bull rally

SOL price has been on an uptrend since Jan 22 with only minor corrections. SOL was surprisingly unbothered during the market crash on Feb 22 and 23, as it dropped by a mere 13%.

More cryptocurrencies news

Ethereum: ETH building overhead pressure threatens losses to $1,200

Ethereum’s recovery stalls at $1,700, opening the door to the ongoing bearish pressure. The IOMAP reveals the presence of intense selling pressure ahead of Ether.

More Ethereum news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP