Bitcoin Cash Price Forecast: BCH/USD growth attempt stalled at 1-hour SMA100
|- Bitcoin Cash retreats back inside the range after a failed growth attempt.
- BCH/USD recovery is capped by 1-hour SMA100.
Bitcoin Cash (BCH) is the fifth largest digital asset with the current market value of $4.1 billion and an average daily trading volume of $1.28 billion. The coin hit the intraday high at $224.87 during early Asian hours and retreated to $223.00 by the time of writing. BCH experienced a strong growth and gained over 2% in a matter of minutes; however the upside proved to be limited as the bulls failed to push the price above the local resistance created by 1-hour SMA100.
BCH/USD: Technical picture
On the intraday chart, BCH/USD recovery is capped by 1-hour SMA100 currently at $224.00. Once it is out of the way, the upside is likely to gain traction with the next focus on $227.38 (the highest level of the previous day) and 1-hour SMA200 on approach to $230.00 and $234.00. This area served as a resistance in the end of the previous week, which means the bulls may have a hard time pushing the price higher. The ultimate technical barrier is created by daily SMA100 at $238.00, followed by daily SMA50 on approach to $239.00.
On the downside, the local support is created by 1-hour SMA50 at $222.00. Once it is out of the way, the price may retest the psychological $220.00 reinforced by the lower line of the 1-hour Bollinger Band. The next barrier comes at $204.62 (the lowest level of June 27).
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.