Bitcoin Cash price prediction: 200-HMA at 289 - the level to beat for bulls
- 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
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
