Currently, the buyers are facing resistance at the 50-day SMA ($242). If the bulls can propel the price above this level, a move to $280 is likely. Once $280 is overcome, a rally to $350 will be on the cards.
Conversely, if the price turns down from the current levels, the BCH/USD pair might again dip to $200. A break below this level will tilt the advantage in favor of the bears. Therefore, the traders can protect their remaining long positions with the stops below $197.