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  • BCH faces short term resistance.
  • Long term support just around the corner.

Bitcoin Cash, the ambitious peer of largest crypto Bitcoin, is sitting at a critical juncture in technical parlance wherein on the one end it faces resistance on the short term chart which requires a lot of push to cross past while the other end has a long term support that means it should bounce back from these levels or else all hell breaks would go lose.

BCH/USD is up more than 2 percent on day at $576.06 near the high of the day after hitting as low as $555.41 and now at a point where bulls need a lot of vigour to rally further from here as there is a descending trendline resistance on the 30-minute chart.

While that may mean BCH would retrace from here, but given the fact that on the daily chart, BCH is sitting exactly at the horizontal support line, any retracement from here would be catastrophic for the BCH bulls.

BCH/USD 30-minute chart:

BCH/USD daily chart:

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