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Bitcoin Cash moves sideways in the short term and it seems undecided. It's located at 240.92 at the time of writing. After its strong upwards movement, a temporary drop was natural. The altcoin moves sideways trying to attract more buyers before jumping higher.
Bitcoin Cash is up by 2.39% in the last 24 hours but it's down by 0.72% in the last 7 days. In my opinion, BTC/USD's deeper drop should force the altcoin to drop as well.
BCH/USD is trapped between 255.25 and 231.61 levels. As you can see on the H4 chart, the altcoin retreated, but it has failed to stay below the 38.2% (238.52) retracement level, signaling that the correction could be over.
Escaping from the range could bring new opportunities. Still, as long as it stays below the downtrend line, the BCH/USD could extend its sell-off.
A bearish closure below 231.61 could announce more declines. This is seen as a selling opportunity.
Jumping above the downtrend line and through 255.25 activates further growth.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
