29.12.202210:39 Forex Analysis & Reviews: Bitcoin Cash Hovers Above Demand Zone!

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Bitcoin Cash continues to move somehow sideways in the short term. It was located at 99.58 at the time of writing. BTC/USD's retreat forced the altcoin to slip lower as well. Still, technically, BCH/USD stays above a buying zone.

It remains to see how BTC/USD will react in the short term. Bitcoin's deeper drop should force the altcoin to drop as well. BCH/USD has dropped by 0.47% in the last 24 hours.

BCH/USD Sideways Movement!

From a technical point of view, the 97.52 - 95.15 zone stands as a support zone, while the ascending pitchfork's lower median line (lml) represents dynamic support. As long as it stays above these levels, the altcoin could develop a new leg higher.

Only dropping and stabilizing below the lower median line (lml) and under 95.15 could invalidate a swing higher and could open the door for more declines.

BCH/USD Forecast!

Testing and resting the support levels as well as registering only false breakdowns could bring a new bullish momentum. This scenario is seen as a long opportunity.

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