Bitcoin Cash Price Analysis: BCH/USD gains 2%, recovers earlier losses

Bitcoin Cash reverses earlier losses on Firday.
The critical resistnace is created by $241.00.

Bitcoin Cash (BCH) is the fifth largest digital asset with the current market value of $4.8 billion. The coin regained ground after the initial sell-off to $228.04 during early Asian hours to trade at $231.23 at the time of writing. BCH experienced a strong growth and gained over 2% in a matter of minutes amid fresh demand registered on approach to the local support area.

BCH/USD: Technical picture

On the inyraday chart, BCH/USD recovery is capped by the middle line of the Bollinger Band on approach to $232.00. Once it is out of the way, the upside is likely to gain traction with the next focus on 1-hour SMA50 at $232.60 and 1-hour SMA200 on approach to $235.00. This area served as a resistance on Thursday, which means the short-term bulls may have a hard time pushing the price higher. The ultimate technical barrier is created by daily SMA100 at $237/00 and a combination of daily SMA50 and the middle line of the daily Bollinger Band above $241.00.

On the downside, the local support is created by psychological $230.00. Once it is out of the way, the price may retest the intraday low of $228.04. The next barrier comes at $223.22 (the lower line of the daily Bollinger Band).

BCH/USD 1-hour chart

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.