The price of Bitcoin Cash dropped in the short term as BTC/USD turned to the downside. When Bitcoin drops, the altcoins could turn to the downside as well. It was trading at 100.53 at the time of writing.
BTC/USD's deeper drop should force BCH/USD to approach and reach new lows as well. In the last 24 hours, Bitcoin Cash is down by 0.17% and by 8.29% in the last 7 days. The bias is bearish despite temporary rebounds, so more declines are in cards.
BCH/USD Leg Down!
Technically, the rate failed to stay above the ascending pitchfork's median line (ml), so now it could approach and reach the S1 (96.75), the lower median line (lml), and 95.15. As long as it stays above the support levels, it could still try to develop a new leg higher.
We have a strong demand zone around the immediate downside obstacle. Only dropping and stabilizing below 95.15 activates more declines and invalidates a new leg higher.
BCH/USD Forecast!
Testing and retesting the lower median line (lml), registering false breakdowns could announce a new bullish momentum. This is seen as a long opportunity.
A valid breakdown below 95.15 activates more declines and brings new shorts.
