Attempts to scale above $320 have failed to find buyers at higher levels. Bitcoin Cash (BCH) is currently facing profit booking that can drag it towards $265. If this support breaks, a fall to $239 is probable. Both the moving averages are trending up and the RSI is in the overbought zone, which shows that the bulls are in command.
If the $265 level holds, the BCH/USD pair will again try to move up toward the recent high of $363.30. Above this a rally to $400 and higher is probable. The pair has a history of vertical rallies, hence, traders can keep the stops on the remaining long positions at $230. We shall watch for a couple of days and raise the stops further. The trend will turn in favor of the bears on a breakdown and close (UTC time frame) below $239.