- 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
|Today last price||279.4519|
|Today Daily Change||2.5876|
|Today Daily Change %||0.93|
|Today daily open||276.8643|
|Previous Daily High||294.7936|
|Previous Daily Low||269.1403|
|Previous Weekly High||308.1348|
|Previous Weekly Low||269.1403|
|Previous Monthly High||306.85|
|Previous Monthly Low||197.9382|
|Daily Fibonacci 38.2%||278.9399|
|Daily Fibonacci 61.8%||284.994|
|Daily Pivot Point S1||265.7385|
|Daily Pivot Point S2||254.6128|
|Daily Pivot Point S3||240.0853|
|Daily Pivot Point R1||291.3918|
|Daily Pivot Point R2||305.9194|
|Daily Pivot Point R3||317.0451|
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