BCH/USD technical analysis: A break of 230.00 would be a positive sign
|- Bitcoin Cash is 1.14% in the black today and things could get better.
- There is a technical pattern forming on the hourly chart but price action is looking choppy.
BCH/USD is looking positive today but we are in the middle of a technical pattern that could break either way. Price is currently at the mean value point of the current distribution area between 219 and 228.32. The price has currently made a lower high and if 220.00 breaks it will have a lower high lower low formation on the hourly chart. The relative strength index (RSI) indicator is turning south at the moment but the volume seems thin. On the daily chart, the price action is still in a downtrend but currently we are in a consolidation point. The pivotal point on the daily chart is the 200.00 base support level. On the upside 242.00 is the breakout point for the bulls to change the trajectory of the trend. Even on the daily timeframe volume is looking pretty think as it seems we are in an inflexion point were traders must decide on a longer-term trend.
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