фото показано с : coinjournal.net

Bitcoin Cash has rejected a decline below $110

The price of the cryptocurrency has been tied to macro events

BCH is eyeing a breakout as bear weakness abates

Bitcoin Cash BCH/USD remains resilient despite a bear market. More often, Bitcoin Cash’s price movement has been related to that of Bitcoin. The former, a hard fork of Bitcoin, has been hit by macro events that have dampened its price. 

As of press time, Bitcoin was struggling to retain $19,000. The price action highlights the impact of potential tighter economies on the largest cryptocurrency. BCH was slightly bullish, adding 1.51% in the last 24 hours. The token was barely attempting to rise above $120. But looking at the technical side, buyers have something to smile about for BCH.

eToro is one of the world's leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It's social copy trading features make it a great choice for those getting started.

Buy BCH with eToro today Disclaimer

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy BCH with Coinbase today Disclaimer

On the chart below, BCH has established support at $110. Bulls have defended the $110 level since July. While the bears remain in control, as indicated by the trendline and moving averages, the selling pressure is abating. BCH price has slightly risen above the descending trendline at a potential breakout zone. The price action shows buyers slowly winning against bears at the support zone.

Source – TradingView

The MACD indicator remains in the bear zone. However, the indicator shows that the bearish momentum is weakening. The view could be strengthened if bulls manage to take BCH above the moving averages. In that case, we will consider a sufficient breakout to issue a bull call on the cryptocurrency. 

Bitcoin Cash token is starting to pull bullish moves despite a largely bear market. Bulls have rejected attempts by bears to take the price below the $110 support. With that in mind, we consider $110 as a probable bottom on BCH. The price is attractive if you are looking to hold in the long term. A bullish breakout could usher in more buyers.

The post Bitcoin Cash prediction as price eyes breakout from a descending trendline appeared first on CoinJournal.

269 +