Bitcoin Cash (BCH) broke above the 20-day EMA on April 2, which is a positive sign. This signals that demand is picking up. If the bulls can push the price above $250, we expect a move to $350.
The 20-day EMA has flattened out and the RSI is at the midpoint, which suggests that the selling pressure has reduced.
Though the 50-day SMA might offer resistance, it is likely to be crossed. Therefore, we retain the buy suggested in an earlier analysis.
However, if the BCH/USD pair turns down from the current levels or the 50-day SMA and plummets below $197.43, a drop to $166 is possible.