The price of Bitcoin Cash is still under strong downside pressure. It's located at 132.32 at the time of writing, standING right above strong downside obstacles. Technically, the rate could only test and retest the downside obstacles before developing a new bullish momentum.
BCH/USD is down by 2.20% in the last 24 hours and by 10.22% in the last 7 days. BTC/USD's drop forced the altcoin to drop as well. Still, after its strong decline, Bitcoin Cash could try to rebound.
BCH/USD Sell-Off Could Be Over
BCH/USD failed to stay above the upper median line (uml) and now it has turned to the downside. It has reached the median line (ml) where it has found demand again. Still, the pressure remains high, the rate stands near this dynamic support.
Levels 127.55 and 126.02 represent downside obstacles as well. As long as it stays above these support levels, the altcoin could try to come back higher again.
BCH/USD Outlook
Testing and retesting the median line (ml), stabilizing above this downside obstacle, and registering only false breakdowns may announce that the sell-off ended and that the buyers should take it higher. This could represent a new buying opportunity.
The upside scenario could be invalidated only if the rate drops and closes below 126.02.
