Bitcoin Cash retreated a little in the short term after reaching 117.36. Still, the sell-off could be only temporary, the altcoin could test and retest the near-term support levels It’s located at 113.75 and is struggling to come back higher.
BCH/USD is down by 0.07% in the last 24 hours but it’s up by 7.68% in the last 7 days. Bitcoin’s upside reversal in the short term could force the altcoin to grow as well.
BCH/USD Falling Wedge Violated!
BCH/USD escaped from the major Falling Wedge pattern signaling that the downside is over and that the buyers could take the lead. Now, it has dropped a little and it has tried to retest the broken downtrend line.
It has found support on the former highs and now is fighting hard to come back higher. Failing to retest the pattern’s resistance may signal strong buyers.
A new higher, registering a valid breakout through the 117.36 validates further gains ahead and helps the buyers to go long again.
The material has been provided by InstaForex Company – www.instaforex.com