FX.co ★ Bitcoin Cash Upside Under Threat

Bitcoin Cash trades at 482.11 level at the time of writing and continues to stay near a critical support area. Unfortunately, BCH/USD failed to increase further and to resume its bounce back and now is retesting the buyers.

Bitcoin's decline started yesterday forces the other major cryptocurrencies like Ethereum, Litecoin, Ripple, Bitcoin Cash to drop as well in the short-term. Still, the current decline could be only a temporary one. BCH/USD is located above an uptrend line, so a false breakdown or any other reversal pattern should send the price higher again.

BCH/USD Attention At Support!

BCH/USD failed to stabilize above the Pivot Point (534.55) level signaling a bearish pressure in the short term. Now is traded back below the descending pitchfork's median line (ML) and right on the uptrend line.

A false breakdown through the uptrend line followed by a jump above ML could signal that BCH/USD could start increasing again in the upcoming period. Staying above the uptrend line maintains a bullish bias.

Bitcoin Cash Forecast!

We'll have a good buying opportunity if BCH/USD jumps and closes above 558.44 former high. Such an upside breakout signals a further growth towards the upper median line (UML).

Also, a false breakdown with great separation below the uptrend line or a major bullish engulfing brings a bullish signal as well.

Selling will be signaled by a drop below 445 level again. A new lower low indicates a deeper drop to the S1 (358).