Bitcoin Cash bullish price analysis February 7: BCH/USD is knocking on critical resistance

Bitcoin Cash has gained over 2.7% on a day-over-day basis.
Bulls need to regain $116.00 to improve the technical picture.

Bitcoin Cash is trading at $115.46 at the time of writing. The fifth largest cryptocurrency with a market value of $2B has gained 2.7% in recent 24 hours. However, it is still struggling under a critical resistance created by a lower boundary of the previous horizontal channel at $115.50.

On the intraday level, BCH/USD managed to recover above both 50 and 200 SMA (1-hour). However, the technical picture remains bearish as long as the price stays under $116.00-$116.10 area (SMA100, 1-hour).

Once this barrier is out of the way, the recovery may be extended towards the next hurdle at $118.75 (SMA100, 4-hour) and psychological $120.00. Meanwhile, the pivotal resistance lies with $121.00 (Feb 6 high).

On the other side, bears are likely to have a hard time at $110.00 support closely followed by the recent low of $109.10. If they manage to take the price lower in a sustainable way, the downside will be extended towards $105.65 (Jan 29 low) and psychological $105.00.

Meanwhile, the founder of Bitcoin.org и Bitcointalk.org aka Cobra criticized the coin, calling it is dead and useless.

“Bcash is dead. Time to dump this worthless crap. Had a chance at success but momentum is now working against it — toxic community. Will be unfollowing Bcash focused accounts on here. Good riddance,” he wrote in his Twitter account.

The post drew an angry rebuke from Bitcoin Cash supporters.
BCH/USD, 1-hour

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.