Bitcoin Cash Price Analysis: BCH/USD flirts with pivotal $230.00, bears are on the alert
|- Bitcoin Cash (BCH) remains under pressure despite the recovery.
- The sell-off below $230.00 will increase the downside momentum.
Bitcoin Cash (BCH) tested the intraday low of $224.04 and recovered to $230.00 by the time of writing. The coin takes fifth place in the global cryptocurrency rating with the current market value of $4.24 billion and an average daily trading volume of $1.4 billion. BCH/USD has lost over 2.6% in the recent 24 hours and stayed mostly unchanged since the beginning of the day.
BCH/USD: Technical picture
Bitcoin Cash has lost over 4% of its value in a matter of hours after a failed attempt to settle above $240.00. The price slipped below 1-hour SMA100 at $239.00 and smashed 1-hour SMA50 at $237.00 as the downside momentum has gained traction. A sustainable move below $230.00 is an ominous signal for the coin, as it is a pivotal level in the short run. If it fails to return above this barrier, the sell-off is likely to continue towards the intraday low os $224.00 and the lower line of the 1-hour Bollinger Band at $213.00.
On the upside, the initial resistance area is created by the above-mentioned MAs. Once it is out of the way, the upside is likely to gain traction with the next focus on $240.00.
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.