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30.11.2023 12:52 PMBitcoin Cash continues to move sideways in the short term and it seems undecided as the price of Bitcoin moves somehow sideways as well. The altcoin is located at 222.35 at the time of writing.
BCH/USD could extend its sideways movement as only a sharp move in BTC/USD could bring us a clear direction on this market.
Bitcoin Cash came back down after retesting the minor downtrend line and now it stands right above the lower median line (lml).
You already know from my previous analysis that the altcoin could develop an upwards movement as long as it stays above the lower median line (lml). The downtrend line represents a key upside obstacle, while the former low of 219.36 stands as a critical support.
Dropping below 219.36 activates more declines and is seen as a selling opportunity.
A valid breakout above 224.57 and through the downtrend line should announce a new leg higher.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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