FX.co ★ Bitcoin cash: imminent breakdown ahead

Bitcoin Cash has been trading sideways above the near-term downside obstacles, signaling strong downside pressure. It was trading at 115.43 at the time of writing and it seems heavy as Bitcoin (BTC/USD) turned to the downside again.

In the last 24 hours, BCH/USD is up by 1.96% but is down by 13.59% in the last 7 days. Bitcoin's deeper drop could force Bitcoin Cash to drop as well.

BCH/USD Hovers Above Support!

BCH/USD stands above 113.64 and 111.24 former lows (support levels). Staying near these levels may signal an imminent breakdown.

Only new false breakdowns may signal a potential rebound towards the downtrend line which stands as a dynamic resistance.

BCH/USD Prediction!

Making a valid breakdown below 111.24 could activate more declines. The 100.00 psychological level and the former lows are seen as potential downside targets.