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Forex Analysis & Reviews: Bitcoin Cash rallies as expected, downtrend line as critical resistance
time 30.09.2022 06:00 PM
time Relevance up to, 01.10.2022 06:00 PM

BCH/USD rallied in the last hours and now it has reached a resistance zone. The altcoin rallied as the price of Bitcoin and Ethereum surged as well in the short term. It was trading at 123.41 at the time of writing.

Bitcoin Cash increased by 8.29% from today's low of 115.43 to the 125.00 intraday high. Despite the current strong rally, a larger growth is still uncertain.

BCH/USD Strong Momentum!

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As you can see on the H4 chart, the price edged higher after failing to make a new lower low and is almost to hit the downtrend line which represents a dynamic resistance. The 123.41 former high acts as an upside obstacle as well.

It remains to see how it will react around this resistance zone. After its strong growth, the altcoin could also retreat a little.

BCH/USD Forecast!

A valid breakout above the downtrend line activates a new swing higher. Personally, I will look for new long opportunities from above the downtrend line.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2023
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