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Bitcoin Cash is moving somehow sideways in the short term. As you already know, the altcoin dropped by more than 90% from last year's high. It has changed little lately, so most likely, BCH/USD will be trapped in the range in the upcoming period.
Technically, the price action developed a potential triangle pattern. Still, an upwards movement is far from being confirmed. In the last 24 hours, BCH/USD is up by 0.65% and it's down by 1.17% in the last 7 days. As you already know, the price of Bitcoin is trading sideways as well. A clear direction could bring important moves also in Bitcoin Cash.
The price continues to move sideways after failing to resume the leg higher started on July 13, 2022. The current range could represent an accumulation. Its failure to come back down towards 97.02 and 95.15 major downside obstacles signaled exhausted sellers.
The 123.41 level stands as a static resistance while the downtrend line represents a dynamic resistance.
In the short term, it could continue to move sideways. A valid breakout through the downtrend line and above 123.41 activates a larger growth. This scenario could bring buying opportunities with potential targets at 138.78 and 164.97 levels.
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