Bitcoin Cash Upside Correction To Continue!

BCH/USD is trading in the red at 505.96 level and it seems vulnerable to drop again. It could come back to test and retest the immediate support levels before jumping higher. Bitcoin Cash drops right now as the price of Bitcoin slips lower.

The crypto is into a support zone that's why we could search for new long opportunities. Though, we have to wait for confirmation before jumping into a long position.


BCH/USD SEEMS UNDECIDED!
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BCH/USD failed to resume its rebound and now it could come back down to test and retest the weekly pivot point (474.79) and the lower median line (lml).

Staying above these levels could indicate that BCH/USD could still increase. Only dropping below the $445 could invalidate a bullish scenario.

Its failure to reach and retest the descending pitchfork's lower median line (LML) signaled a potential growth. Technically, I believe that a bullish fly above 558.44 and through the R1 (562.51) could activate a larger growth.


FORECAST!
Buy BCH/USD after jumping and stabilizing above 558.44. Also, we may have a buying opportunity if the price makes a false breakdown with great separation below the weekly pivot point (474.79) and through the lower median line (lml).

A major bullish engulfing or any other bullish reversal pattern printed on the immediate downside obstacles could announce a new leg higher.




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Ralph Shedler
Analytical expert
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