24.08.202309:11 Forex Analysis & Reviews: Bitcoin Cash: distribution or accumulation?

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Bitcoin Cash increased a little in the short term as Bitcoin rebounded after its previous drop. The altcoin is trading at 192.05 at the time of writing. In the short term, it is moving sideways, so we have to wait for fresh trading opportunities.

BCH/USD jumped by 11.21% from Wednesday's low of 176.75 to 196.56 yesterday's high. In the last 24 hours, the altcoin is up by 2.18%.

BCH/USD Range Formation!

Technically, BHC/USD is trapped between 199.40 and 178.47 levels. Escaping from this formation should bring us new trading opportunities.

It has dropped within a down-channel pattern. So, as long as it stays below the downtrend line, the altcoin could extend its sell-off.

BCH/USD Outlook!

In the short term, it could continue to move sideways. A new higher high activates further growth at least until the downtrend line. Still, only a valid breakout through the downtrend line activates a larger growth and brings new longs.

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