Bitcoin Cash (BCH) market update: BCH/USD dancing around $300.00
|- BCH/USD recovered from recent lows.
- More sell-off is possible as the intraday RSI points downwards.
Bitcoin Cash (BCH) has been growing strongly since the end of Sunday. The fourth largest digital asset topped at $311 and retraced to $300 by the time of writing. BCH/USD is now 8% higher than this time on Sunday.
Considering that the coin is deeply overbought on the intraday charts a further downside correction from the current levels looks likely with the initial support created by $292 (SMA200 1-hour and SMA50 4-hour). Once it is cleared, the sell-off may be extended towards the next barrier $280 created by a combination of SMA50 and SMA100 (1-hour). It is followed by $260 (SMA100, 4-hour). The Relative Strength Index is ready to move out of the overbought territory, pointing downwards to confirm the bear case scenario for the day.
Meanwhile, on the upside, the first barrier is created by $311-$315 area, which includes the intraday high and April 10 high. It is followed by $330 handle; however, the ultimate resistance comes at $350. Strengthened by the recent high $352, it is likely to stop the recovery for the time being.
BCH/USD, 1-hour chart
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.