We can see that Bitcoin Cash has been struggling to regain its momentum, however we find ourselves in a tight trading range between 1500 – 1700.
In this kind of scenario we would expect to see some action within the next few days.
Looking at BCHUSD , a breakout to the topside could take the prices up to the 2000 zone, where we would expect some resistance.
Should prices fall to the bottom we could see a selloff and prices could drop as low as 1200 or even lower.
Short term support is at $1400 – $1500 and resistance is at $1600 – $1700.
We will consider going long should prices drop into the $1400 zone, buy order could be stacked down to $1000 in case of a selloff.
We will consider going long on a breakout trade should prices consolidate above $1700.
Feel free to discuss this trade with me at the best Crypto Trader hangout.