Bull Trap? Bitcoin Cash Price Is Up, But Gains May Be Short-Lived
Bitcoin cash (BCH) is well bid today, but a close look at the numbers indicates the positive move could be deceptive.
Prices dropped for the third straight day yesterday, signaling a transient victory for the bears in the ongoing tug of war with the bulls.
Looking like it would head lower towards $850 (Nov. 17 low) earlier today, bitcoin cash instead regained the bid tone and rallied as high as $1,550 before trimming gains. The world's third-largest cryptocurrency by market value was last seen trading in the $1,450 neighborhood, as per data provided by CoinMarketCap.
So, was yesterday's breakdown a "bear trap," or is the positive price action seen today a case of "bull trap"? Only a close today (as per UTC) above $1,545 (161.8 percent Fibonacci extension) would be bad news for the bears.
According to the price chart analysis, though, the odds of that happening are low.
