Bitcoin Cash (BCH) extended the decline on Thursday and lost over 2% both on a day-to-day basis and since the beginning of the day. BCH/USD hit the recent recovery high on approach to $300.00 and retreated to $281.50. However, the downside momentum stalled. At the time of writing, BCH/USD is changing hands at $284.00. The coin takes fifth place in the global cryptocurrency market rating with the current market value of $5.24 billion. An average daily trading volume is 1.8 billion
BCH/USD: Technical picture
On the intraday charts, BCH/USD has settled below 50-hour SMA at $286.00. This development worsened the short-term technical picture and pushed the rice to the lower line of the 1-hour Bollinger Band at $281.30. This downward-looking technical line limited the decline for the time being. The next support is created by 100-hour SMA at $271.00. Once it is out of the way, the sell-off is likely to gain traction with the next focus on 200-hour SMA at $254.00.
BCH/USD 1-hour chart
On the upside, the initial resistance is created by the upper line of the daily BB at $285.00. It is followed by the above-mentioned 50-hour SMA and psychological $290.00. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $300.00.
Considering that the RSI on the daily chart, the bearish correction looks credible at this stage.
BCH/USD daily chart
Reprinted from fxstreet , the copyrights all reserved by the original author.
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
اترك رسالتك الآن