BCH/USD edged higher in the short term as BTC/USD rebounded. Still, a larger growth is far from being confirmed even if the price action signaled strong upside pressure. It has increased by 14.81% from last Tuesday’s low of 231.94 to 266.29 yesterday’s high.
Now, it has retreated a little and is trading at 252.34 at the time of writing. It’s up by 3.75% in the last 24 hours and by 3.93% in the last 7 days.
BCH/USD Range Breakout!
As you can see on the H4 chart, the rate jumped above the downtrend line which represented an upside obstacle. It has jumped above the 255.25 static resistance but it has failed to stabilize above it.
In the short term, it’s still trapped within the range between 255.25 and 231.61. Only escaping from this pattern should bring us new opportunities.
BCH/USD Outlook!
After its rally, the rate could come back to test and retest the broken downtrend line. A valid breakout above 255.25 activates further growth. This is seen as a long opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
BCH/USD edged higher in the short term as BTC/USD rebounded. Still, a larger growth is far from being confirmed even if the price action signaled strong upside pressure. It has increased by 14.81% from last Tuesday’s low of 231.94 to 266.29 yesterday’s high.
Now, it has retreated a little and is trading at 252.34 at the time of writing. It’s up by 3.75% in the last 24 hours and by 3.93% in the last 7 days.
BCH/USD Range Breakout!
As you can see on the H4 chart, the rate jumped above the downtrend line which represented an upside obstacle. It has jumped above the 255.25 static resistance but it has failed to stabilize above it.
In the short term, it’s still trapped within the range between 255.25 and 231.61. Only escaping from this pattern should bring us new opportunities.
BCH/USD Outlook!
After its rally, the rate could come back to test and retest the broken downtrend line. A valid breakout above 255.25 activates further growth. This is seen as a long opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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