Bitcoin Cash Price Analysis: BCH/USD switches to the recovery mode, jumps above $286.00
Bitcoin Cash (BCH) has recovered from the intraday low $280.90 and recovered above $285 by the time of writing. The fifth digital coin with the current market capitalization of $5.2 billion is still down nearly 2% on a day-to-day basis despite the upside momentum.
BCH/USD: Technical picture
On the intraday charts, BCH/USD bumped into a local resistance created by the middle line of the 1-hour Bollinger Band at $286.00. A sustainable move above this area will open up the way to the next barrier created by a 50-hour SMA at $288.00. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $290.00 and the upper line of the 4-hour Bollinger Band at $293.30. The ultimate resistance os created by psychological $300.00.
BCH/USD 1-hour chart
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On the downside, if $280.00 gives way, the sell-off may be extended towards 200-day SMA at $273.00. This barrier served as a strong resistance for the best part of the year, so no it may provide strong support and trigger the next bullish wave. a sustainable move below this area will negate the bullish forecast and bring more bears to the market.
BCH/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
