BCH/USD Remain Neutral

Bitcoin Cash has broken its uptrend during Tuesday-Wednesday and declined. The currency pair added almost nothing in the past 24 hours as we have a very narrow flat situation on the chart. It is hard to say whether bulls or bears are going to take control over the market.

The currency pair has broken through the green ascending trend line and successfully tested the support area at $720.1. It stays below this level in the moment of writing. The currency pair is close to June’s lows but it is hard to say currently whether BCH/USD is going to reach them or reverse from current position.
We give chances to both scenarios on Thursday as there are no signals or even hints on future price fluctuations currently. We think that bears still have power and control over the market and are able to push Bitcoin Cash lower to June’s lows. Perhaps, this scenario is vital.
However, bulls prevent them from smashing the price currently. Buyers have also chances to reverse the situation in their favor.

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