Bitcoin Cash Price Analysis: BCH/USD struggles to stop the sell-off, regains ground from intraday low

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