Bitcoin Cash Price Analysis: BCH Capitalizes on Broad Market Recovery Amid Heightened Volatility
Bitcoin Cash (BCH) Live Price
1 BCH/USD =$1,192.9025 change ~ -7.68%
The crypto market sprung up again on May 1 following 5 days of consolidation since the drop on Thursday last week. Bitcoin Cash fell victim to last week’s selloffs; initially the price turned negative on testing $310 hurdle without success.
The price dived below the 100 Simple Moving Average (SMA); a move that woke up the sleeping bears. BCH/USD explored the levels below $300 only to find support at $270. The second selloff, on April 26 took place just two days after the first one and was the beginning of an extended downtrend which found support slightly below $230.
BCH/USD 1-hour chart
Bitcoin Cash buyers increased entries at this position; which offered the best buy options since the beginning of April. This lifted the price amid increasing volatility on the market. There was a correction above the Bollinger Band 1-hour middle as the price grinded towards the upper curve. The hurdle at $250 slowed down the momentum but the price eventually pulled out of the resistance to step above the 100 SMA as well as the $270 level. A high was formed at $277.29 before the crypto started to consolidate the gains.
For now, the upside is capped at $280 while the price has retraced to the current value at $268. Initial support is the Bollinger Band middle upper while the 100 SMA will offer support marginally above $260. BCH/USD is likely to correct lower and test $260 in order to create a fresh buy interest for another breakout towards $290 hurdle and at $300 critical level.
Technical analysis show the price is poised for a correction to the south with the Relative Strength Index (RSI) diving sharply towards 50, besides the way the trend is 40.00 level within reach. Apart from $260, other support levels that will come in handy in case of a reversal are $250, $240 and $230.
Bitcoin Cash’s price is $1,192.90 BCH/USD exchange rate today. The real-time BCH market cap of $22.35 Billion currently ranks #9 with , daily trading volume of $2.81 Billion and live coin value change of BCH -7.68 in the last 24 hours.