- BCH bulls fighting back control as weekend love for crypto market returns.
- On the road to recovery beyond 270, but will it last?
Following two straight days of massive declines, Bitcoin Cash (BCH/USD) is seen on a steady recovery mode so far this Saturday, as the weekend love for the cryptocurrencies seems to have returned. The coin bounced-off eleven-day troughs of 269.14 reached in Friday’s European trading and now trades around 280 levels, up nearly 1% on the day. Despite the latest recovery attempt, the price is down over 4.5% in the last 24 hours, still enjoying a market capitalization of $ 5.06 billion.
BCH/USD 1-hour chart
As observed on the hourly sticks, the price continues to battle the bearish 21-hourly Simple Moving Average (HMA) placed near 280.50 levels, as the buyers seek a sustained recovery above the last. Should the recovery gain traction, the next upside barrier at the downward sloping 50-HMA of 287.20 will come into play. Buying interest is likely to intensify on a break above the 50-HMA, opening doors for a test of the 200-HMA at 289. The bearish bias could negate on an hourly closing above the 200-HMA.
However, if the recovery lacks follow-through above the 21-HMA, bears will fight back control, sending the coin back towards the multi-day lows near the 270 region. A breach of this critical support could pave the way for steeper declines towards the 250 psychological level.
BCH/USD Levels to watch
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.