The price of Bitcoin Cash dropped deeper after Bitcoin's downside continuation. When the BTC/USD drops, the altcoin should drop as well. It was trading at 96.60 at the time of writing, above today's low of 95.21.
BCH/USD dropped by 8.19% from the week's high of 103.70 to 95.21 daily low. After its massive drop, it could try to rebound a little, but the downside pressure remains high.
BCH/USD reached 95.15 key support
Technically, BCH/USD found support right above the 95.15 historical level and above the weekly S2 (95.14). Now, it's trapped between 95.15 and 97.52 levels. As you can see on the H4 chart, the altcoin failed to stay above the ascending pitchfork's lower median line (lml) which represented dynamic support.
The bias is bearish, so more declines are in cards despite temporary rebounds. The broken lower median line (lml) and the 100.00 psychological level represent upside obstacles.
BCH/USD forecast
Registering a new lower low, a valid breakdown below 95.15 activates more declines and brings short opportunities.
Relevance up to 18:00 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
