BCH/USDT daily chart

BCH/USDT daily chart

Gate Trade BCH Thursday, May 7, 2020 406 0

If the bulls fail to propel the 5th-ranked cryptocurrency on CoinMarketCap above the downtrend line, the bears will attempt to sink the price below $234.55.

 

If successful, a drop to $200 is likely. Therefore, traders can keep the stop-loss on the long positions at $230.

 

Conversely, if the bulls can propel the BCH/USD pair above the downtrend line, a move to $280.47 is likely. A breakout of this level will signal strength and open the doors for a rally to $350.