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BCH/USD retreated a little in the short term but upside pressure remains high. The altcoin tested and retested the immediate support levels and now it tries to come back higher. It's trading at 111.30 at the time of writing.
It has increased by 6.77% from yesterday's low of 105.90 to 113.07 today's high. Technically, the price action signaled exhausted sellers and a potential larger rebound. Still, a bullish reversal needs confirmation.
Technically, Bitcoin Cash dropped again after reaching and retesting the downtrend line. Now, it has found support at 106.72 and it has turned to the upside again.
The crypto is struggling to stabilize above the weekly pivot point of 110.45 and above the median line (ml). Staying above this line and near the downtrend line may signal an imminent upside breakout.
A valid breakout through the downtrend line and a new higher high signals an upside reversal.
Dropping and stabilizing below 106.72 activates more declines.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
