FX.co ★ Bitcoin Cash confirms breakout

BCH/USD dropped in the short term only because the price of Bitcoin retreated. It's trading at 112.59 at the time of writing and is almost to hit strong downside obstacles. BTC/USD's deeper drop should force the altcoin to drop as well.

Bitcoin Cash is down by 1.48% in the last 24 hours but it's up by 0.90% in the last 7 days. In the short term, it could extend the sideways movement before really developing a strong move.

BCH/USD New Leg Higher!

As you can see on the H1 chart, the rate came back to test and retest the broken downtrend line. It could also reach 111.66 and the S1 (111.44). We have a strong confluence area formed at the intersection between the immediate support levels.

Technically, BCH/USD seems undecided, so it could continue to move sideways for now. The price action signaled that the downside movement could be over.

BCH/USD Outlook!

False breakdowns below the downtrend line and under 111.66 may announce a new bullish momentum. A new higher high activates a strong leg higher.