- BCH bulls fighting back control amid a down day for cryptos.
- Trapped in a narrow range, below key HMAs.
Bitcoin Cash (BCH/USD) extends its tepid recovery from six-day lows of 302.22 on Sunday, as the bears look to give up it's three-day losing into the weekly closing. The No. 4 coin breached Thursday’s low of 302.41 but managed to hold the 302 handle before recovering to now trade around 306.00. Despite the latest recovery attempt, the price is down 3% in the last 24 hours, standing at a market capitalization of $ 5.52 billion vs. $ 5.63 billion previous.
BCH/USD 1-hour chart
As observed on the hourly sticks, the price continues to face rejection along the falling wedge upper trendline while buyers jump in at the lower boundary, leaving the coin wavering in a narrow range since last Friday. On Sunday, the price bounced-off the trendline support at 302.22 but the upside attempts appear shallow, with the hourly Relative Strength Index (RSI) aiming to regain the 50-neutral level. Should the recovery gain momentum, the bearish 21-hourly Simple Moving Average (HMA) at 309.40 could immediately guard the upside. A break above the last will put the key resistance zone around 310.80-311.35, the confluence of pattern trendline resistance and horizontal 200-HMA, at test.
However, a failure to rise above the 21-HMA, sellers are likely to return for a retest of the multi-day lows of 302.22 below which the pattern trendline support now at 301.05 will come into play.
BCH/USD Levels to watch
|Today last price||307.4131|
|Today Daily Change||-4.3373|
|Today Daily Change %||-1.39|
|Today daily open||311.7504|
|Previous Daily High||318.351|
|Previous Daily Low||309.2412|
|Previous Weekly High||333.7339|
|Previous Weekly Low||300.0488|
|Previous Monthly High||358.4945|
|Previous Monthly Low||267.0256|
|Daily Fibonacci 38.2%||312.7211|
|Daily Fibonacci 61.8%||314.871|
|Daily Pivot Point S1||307.8774|
|Daily Pivot Point S2||304.0044|
|Daily Pivot Point S3||298.7677|
|Daily Pivot Point R1||316.9872|
|Daily Pivot Point R2||322.224|
|Daily Pivot Point R3||326.097|
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.