FX.co ★ Bitcoin Cash: upside continuation possible

BCH/USD jumped higher again and now is trading at 242.27 at the time of writing. In the short term, the bias remains bullish. Bitcoin's upside continuation after its temporary drop should help the altcoins to jump higher as well.

Bitcoin Cash is up by 80.75% in the last 7 days and by 4.81% in the last 24 hours. After its amazing growth, temporary drops are natural before extending its growth.

BTC/USD Downside Could Be Invalidated!

As you can see on the H1 chart, the rate rallied after failing to reach the 220 former low which stands as a downside obstacle. Now, it has jumped above the uptrend line and above the weekly R1 (242.19).

Stabilizing above these levels may announce further growth. Only a new lower low would have announced and confirmed a corrective phase.

BCH/USD Prediction!

Jumping and closing above 249.70 activates further growth. Only a bearish closure below 220 may announce a larger drop.