Bitcoin Cash (BCH): Double bottom breakout limited – more to come
- Bitcoin Cash on the verge of another breakout.
- The Bulls return a day after suffering under the bear pressure.
There is hope that the market will close in the green following the declines yesterday. The volatility that had been ousted seems to be back with a bang. Bitcoin Cash corrected lower after failing to overcome the resistance at $120. The bulls could not force a reversal leading to more break down below $177, $116 and $111 support zones. However, the crypto found bearing at $110; an area with a high concentration of buyers.
Bitcoin Cash bounced back up in a couple of successive engulfing candles. A correction was made above the hurdles at $116 and $117. On brushing shoulders with $120, the bulls lost balance and BCH/USD trimmed the gains. Short-Term support has been established slightly above $112.
At present, the digital asset is trading at $114.91. A contracting triangle on the 15-minutes timeframe chart is approaching a breakout that could BCH retest at $120 and correct towards $130. Meanwhile, the 50-day Simple Moving Average (SMA) is providing immediate support while stronger support established at $110. According to other technical indicators, Bitcoin Cash will continue to correct upwards in the short-term.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
