Bitcoin Cash Is Still In A Range

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From around the beginning of October 2023, BCHUSD is seen trading within a range, roughly between the 210 and 270 levels. Despite the recent strong fluctuations in BTCUSD , the rate of Bitcoin Cash stayed on the moderate side and within the given range. While the crypto moves inside that pattern, we will remain neutral. However, if the rate exists the range through one of its sides, that’s when we will consider the next short-term directional move.

A break through the lower side of the range could attract even more sellers, indicating a possible change in the direction of the current trend, potentially opening the door towards lower areas. We may then aim for the 180 hurdle, marked by the lowest point of September 2023. If that hurdle is not able to withstand the pressure from the bears, its break may send BCHUSD to the lowest point of August 2023, at 161.

On the upside, a push through the upper side of the range may invite more bulls into the field, increasing the crypto’s chances off drifting further north. That’s when BCHUSD could end up traveling somewhere closer to the 329 level, which is marked by the highest point of 2023.



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