From around mid-February, Bitcoin Cash (BCH/USD) has been on a steep decline, losing around 70% of its value. From the technical side, the crypto is trading below its short-term tentative downside resistance line taken from the high of February 14th, but after finding support near the 126.41 hurdle last week, BCH/USD is now climbing back up again. That said, as long as the price stays below the above-mentioned downside line, we will remain cautiously-bearish.
BCH/USD is trying to make its way up again, but is currently finding strong resistance near the 190.00 hurdle, which is the lowest point of January 2020. However, if that area eventually surrenders to the bulls, it may clear the path north. That said, as mentioned above, if the aforementioned downside line remains intact, this might lead to another round of selling, possibly bringing the crypto back below the 190.00 zone. If so, the next potential support area could be the low of last week, at 126.41, a break of which could set the stage for a move to the 103.60 level, marked by the lowest point of January 2019.
On the other hand, if the previously-discussed downside line breaks and BCH/USD rises above the 281.77 barrier, marked by the high of March 8th, this could totally spook the bears from the field and allow the bulls to take full control, at least for a while. The crypto might then drift to the 296.78 hurdle, a break of which may lead to the current highest point of March, at 351.48. The price may stall there temporarily and if it finds it difficult to overcome that area straight away, this could force Bitcoin Cash to retrace slightly. That said, if it continues to trade above the 296.78 hurdle, the bulls could re-enter and lift the crypto higher again. If this time the 351.48 obstacle fails to hold and breaks, that could send the price to the 408.08 level, which is the high of February 24th.
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