Bitcoin Cash's significant rally seems to have plateaued after price rejection at new resistance level.
had dipped to $30.2k from $31.1k. This left BCH traders with a tough decision to make – look for new long positions based on the retracement or ride the dip down to a key support level.Price movements are never linear. While BCH achieved its bullish run with a series of higher lows, it was only a matter of time before a significant retracement occurred.
After the price was rejected at the $311 resistance level, buyers quickly found support at the VAH which lay close to the support level at $248. This led to a 23% price bounce from this level. Despite this bounce, BCH was making another decline toward the $248 support, as of press time.
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