• BCH/USD retreated from the resistance of $246.00 on Thursday.
  • The downside correction may result in another growth attempt.

Bitcoin Cash (BCH) topped at $246.04 on Wednesday and retreated to $243.00 by the time ow writing. Despite some wild price gyrations, BCH has stayed mostly unchanged both on a day-to-day basis and since the beginning of Thursday.  The coin takes 5th place in the global cryptocurrency rating and has the market capitalization of $4.47 billion, while an average daily trading volume is registered at $1.37 billion. On a weekly basis, the coin's price has grown by 11%.

BCH/USD: Technical picture 

As we have previously reported, bulls take control over Bitcoin Cash on Wednesday, July 8, when the coin jumped by over 2% in a matter of minutes. While the upside momentum slowed down after an initial stellar rise, the coin managed to settle above $245.00, which is a significant improvement in the short-term technical picture.

On the intraday chart, BCH/USD bumped into a strong resistance created by $246.00. This level is reinforced by the upper line of the 1-hour Bollinger Band, and once it is out of the way, the recovery may be extended towards critical $250.00. The next important resistance comes on approach to $260.00. This barrier limited the recovery at the beginning of June.

BCH/USD 1-hour chart

Considering the downward-looking RSI in the intraday charts, the price may continue moving sideways with bearish bias during the upcoming trading sessions. In the long run, the coin is well positioned to resume the recovery as long as it stays above the psychological $240.00, which coincides with the daily SMA50. It it is broken, the sell-off may be extended towards $235.00 (daily SMA100).

BCH/USD daily chart

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