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Bitcoin Cash eyes pickup at this near-term support zone
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Hit by a 12% drawdown over the last 24 hours, Bitcoin Cash fell prey to a correction in the broader market. On the charts, BCH projected a new low at a bottom sloping trendline due to red flags present on the daily RSI and MACD.
However, a bullish rebound was expected between $533-$503. The same could also pave way for a breakout above the 61.8% Fibonacci level once shorts are liquated.
Source: BCH/USD, TradingView
Bitcoin Cash was set to tag its lower sloping trendline following a weak RSI, and sell signals present along the MACD. The trendline, which has extended since September 2020 has had a single point of contact in 2021 so far, with BCH testing its defenses during late-July.
A move into the support zone of $533-$500 could initiate new
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