Bitcoin Cash rolled after the fall. When will growth?

Bitcoin Cash holds above $ 165, and sellers slow down. In the following days, the cryptocurrency may well revert to $ 185. To start forming uptrend BCH needs to gain a foothold above $ 200. However, sentiment in the market yet do not play in favor of the bulls, so wait for reversal yet.

The General situation looks like this:

  • asset recently entered the rollback phase, but was never able to overcome the level of $ 200;
  • on the 1-hour chart formed an uptrend with support in the area of $ 170;
  • cryptocurrency is likely to test the line $ 185 in the near future.

Today, BCH is trading around $ 172. For the past day the coin fell 5 percent.

Technical analysis

Yesterday, the Cash rate of Bitcoin began to rise sharply — after a rather prolonged drop in asset managed to break through the resistance area of $ 200 and even a couple of hours was trading above $ 210. During this jump the BCH burst through the 0.764 Fibonacci level laid during the previous drain 209 to $ 149.

However, within a few hours bears to “fix” this misunderstanding and again lowered the price of Bitcoin Cash below $ 180. On the 1-hour chart? as the bulls failed to break above 100 SMA, so a failed test was one of the main reasons for the decline.

Image source — NewsBTC

Cash now Bitcoin is growing in the local uplink. The break of the lower line of the channel is a prerequisite for a fall to $ 165. If cryptocurrency is fixed at this level, there is another strong plums on which you want to open a short position.

While we do not recommend BCH to trade with leverage, especially in long. Technical indicators still point to a small pullback, but it is unlikely he will extend above $ 200.

To always to trade plus gather the wisdom of the traders in our cryptodata.


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