FX.co ★ Bitcoin Cash: confluence area taken out

Bitcoin Cash is trading in the green at 228.60 at the time of writing. Bitcoin's rally helped the altcoin to resume its current swing higher. Though, an upside continuation needs confirmation as the rate challenges strong resistance levels.

BCH/USD increased by 3.77% from yesterday's low of 222.02 to 230.38 today's high. In the last 24 hours, it's up by 1.95% and by 1.78% in the last 7 days.

BCH/USD Leg Higher!

As you can see on the H1 chart, BCH/USD failed to retest the Falling Wedge's downside line signaling exhausted sellers. Now, it has jumped above the downtrend line but the breakout needs confirmation.

The rate jumped through the confluence area formed at the intersection between the median line (ml) with the downtrend line. Stabilizing above it activates further growth.

BCH/USD Forecast!

An upside continuation could be validated if the rate makes a bullish closure above today's high of 230.38. Invalidating the breakout above the confluence area may announce a new sell-off.