BHC/USD is trading in the red at 239.80 at the time of writing and it seems very heavy. After such an impressive rally, the retreat is natural. Still, this could be only a temporary correction. Bitcoin's upside continuation could force the altcoin to jump higher as well.
Bitcoin Cash dropped by 11.87% from Tuesday's high of 269.96 to 237.92 today's low. In the last 7 days, the altcoin is down by 0.41% and by 1.31% in the last 24 hours.
BTC/USD Lost Altitude!
From the technical point of view, the rate found resistance at the upside line of the ascending pitchfork and now it has turned to the downside.
Now, it has dropped below the minor uptrend line signaling a larger drop in the short term. The pivot point of 237.7 stands as a key static support.
BCH/USD Outlook!
A bearish closure below 237.7 activates more declines and is seen as a selling signal.
