A strong uptrend above $160 by Bitcoin Cash

KRAKEN:BCHUSD   Bitcoin Cash / U.S. Dollar
The price of Bitcoin Cash remains in a strong uptrend above $160.

A new monthly high of about $172 was formed, and recently the price has adjusted downwards.

The current price movement suggests that a larger range of activity is below the $170 and $172 resistances. On the other hand, immediate support is close to $162.5 representing the Fibonacci retracement level of 50% of the last wave from the minimum of $ 152 to a maximum of $172.

In the short term, a downward correction towards $165 or $162 is possible. On the positive side, the main obstacles are $170, $172 and $180.
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