Tanya Abrosimova
Independent Analyst
- 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
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