31.03.2023 09:41 PM
Bitcoin Cash attracts more buyers

BCH/USD is trading at 123.68 at the time of writing. After its strong drop, the rate found demand again and now is fighting hard to rebound. Technically, the rate is located in the buyers' territory.

Bitcoin Cash increased by 4.80% from yesterday's low of 119.02 to 124.73 today's high. Bitcoin's upside continuation should help BCH/USD to come back higher as well.

BCH/USD Range Formation!

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Technically, it has dropped within a down channel pattern but now it has registered only a false breakdown below the weekly S1 (117.78) and now it has passed above the downtrend line signaling that the sell-off is over.

It's trapped between the 116.77 and 125.34 levels. The ascending pitchfork's lower median line (lml) represents a dynamic support. As long as it stays above it, it could develop a new bullish movement.

BCH/USD Forecast!

A new higher high, a valid breakout through 125.34 validates a potential leg higher.

Ralph Shedler,
Analytical expert of InstaForex
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