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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.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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