BCH/USD: Bitcoin Cash Remains at Risk of Further Decline, Eyeing November 8 Low


Last Wednesday, BCH/USD declined to a multi-month low of $566, a low that we haven’t seen since last November. Right after, the price started an upside correction and traded to around the $620 level and today the price is trading sideways.

I think that the price could continue to trade sideways for few more days before another bearish assault towards the November 8 low of $521. If the price is able to revisits the $700 level, I suspect that traders might use this level as an opportunity to short BCH/USD aiming for the same November 8 low.

I am still looking at the July 18 high as the trend-defining high. A successful breach to this high will invalidate the overall bearish outlook and the trend might turn bullish.

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BCH/USD Daily Chart

BCH/USD: Bitcoin Cash Remains at Risk of Further Decline, Eyeing November 8 Low

 

 

 



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