- BCH bulls fighting back control as weekend love for crypto market returns.
- On the road to recovery beyond 270, but will it last?
Following two straight days of massive declines, Bitcoin CashÂ (BCH/USD) is seen on a steady recovery mode so far this Saturday, as the weekend love for the cryptocurrencies seems to have returned. The coin bounced-off eleven-day troughs of 269.14 reached in Fridayâ€™s European trading and now trades around 280 levels, up nearly 1% on the day. Despite the latest recovery attempt, the price is down over 4.5% in the last 24 hours, still enjoying a market capitalization of $ 5.06 billion.
BCH/USD 1-hour chart
As observed on the hourly sticks, the price continues to battle the bearish 21-hourly Simple Moving Average (HMA) placed near 280.50 levels, as the buyers seek a sustained recovery above the last. Should the recovery gain traction, the next upside barrier at the downward sloping 50-HMA of 287.20 will come into play. Buying interest is likely to intensify on a break above the 50-HMA, opening doors for a test of the 200-HMA at 289. The bearish bias could negate on an hourly closing above the 200-HMA.
However, if the recovery lacks follow-through above the 21-HMA, bears will fight back control, sending the coin back towards the multi-day lows near the 270 region. A breach of this critical support could pave the way for steeper declines towards the 250 psychological level.
BCH/USD Levels to watch