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.
BCH/USD Retests The Buyers!
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.
BCH/USD Outlook!
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.
