Bitcoin Cash Showing Strength Against BTC And USDT.
These past few weeks were very crucial for Bitcoin Cash but Bitcoin Cash buyers and hoarders were protecting the $100 mark and trying to stand still in this prices.
The $100 price for Bitcoin Cash is an imaginary support for traders and long term buyers of BCH that needs to be defended because losing this price can lead to visiting the all-time low price of Bitcoin Cash which was at $75. Visiting this price could mean losing billions of market valuation for BCH and could possibly lead to a new all-time low.
BCH Technical Analysis Against BTC and USDT.
Against USDT.
On its daily chart, BCH has a small resistance around $157.6. With great volume, this can easily break and be flipped where the next target is $171.5.
If Bitcoin Cash reached $171.5, BCH might resist from it and correct to around $157 to gain more momentum to attempt breaking $171.5 again. The $171.5 price level is a strong resistance that needed to be flipped. If this happens, BCH can target $300 in the next 2 to 3 months. However, since BCH correlates with BTC most of the time, it will still somehow depend on how BTC will move.
Against BTC.
BCH made a great performance against BTC and flipped the MA50 on its daily chart. However, BCH was rejected at 0.00646 resistance and currently creating a wick from showing a possible correction. There was a strong volume and there's a high chance that it will be flipped in the next coming days and BCH against BTC might target 0.008 which is a very strong resistance that also needed to be flipped into a support to continue moving upside.
Final Thoughts.
Everything is bullish for BCH until it will drop and close below $110. If BCH close below $110, it is possible to drop near $100 again and demands from there might react once again. However, losing $100 might cause fear and we might see again its all-time low.
Currently, with USDT and BTC chart of BCH, everything is bullish after flipping the MA50 daily resistance. MA50 is a very respected indicator especially on a higher time frames. As long as BCH respect the MA50 on its daily chart, BCH will remain bullish and will continue to mover higher.
This is a personal opinion as a trader and does not serve as anyone's financial advice. Always trade at your own risk.