Bitcoin Cash rebounded trying to recover after the most recent decline. It has dropped as much as 467.80 on Sunday where it has found strong demand. Now it is trading at 742.04 challenging the near-term resistance levels.
The crypto market has recovered, Bitcoin's growth could help the BCH/USD to increase as well. Still, we cannot exclude a new decline in the short term as the rate may want to retest the buyers before jumping higher.
BCH/USD Breakout Attempt!
Bitcoin Cash is pressuring the weekly pivot of 729.27 and the downside 50% Fibonacci line. Closing and stabilizing above these levels could indicate more gains towards the median line (ML).
BCH/USD has found support right on the lower median line (LML). Failing to take out the lower median line may signal that the median line (ML) could attract the price. The price's failure to approach and reach the S1 may signal a potential bullish fly to the R1 (993.20).
Bitcoin Cash Forecast!
Failing to stabilize above the weekly pivot 729.27 may announce a new decline towards the 608.82 level.
On the other hand, jumping and closing above 793.98 immediate high may activate a further growth towards the mentioned upside targets.
