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.

Tanya Abrosimova Independent Analyst

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

Author

Tanya Abrosimova

Independent Analyst

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