Bitcoin Cash Price Analysis: BCH/USD jumps by 5% in a matter of minutes, challengers

• Bitcoin Cash jumped above the upper line of the intraday Bollinger Band.
• BCH/USD may grow to $272, once $250.00 is out of the way.

Bitcoin Cash, (BCH) jumped by over 5% on a matter of minutes and tested the intraday high of $249.45. At the time of writing, BCH/USD is changing hands at $249.30 amid strong bullish momentum. BCH is the fifth-largest digital asset with the current market value of $4.45 billion and an average daily trading volume of $1.48 billion.

BCH/USD: Technical picture

On the intraday charts, BCH/USD broke above the upper line of the 1-hour Bollinger Band at $248.00, which now serves as local support. If the price returns back inside the BB, the sell-off may be extended towards the middle line of $241.00 and psychological $240.00. The critical short-term support is created by a 50-hour SMA at $238.50.

On the upside, a sustainable move above $250.00 will unleash the bullish momentum and bring 200-day SMA at $272.50 into focus. 

BCH/USD 1-hour chart