BCH investors must watch out for a move below these levels to minimize losses

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Bitcoin [BTC] surfaced above the $20k mark for a few hours. The selling pressure it faced near $20.5k meant that bulls might be able to count those precious hours above $20k on their fingers. The $19.6k-$19.8k mark has once again become a crucial level for the bulls to defend. Bitcoin Cash [BCH] also posted some gains in recent days.

Here’s AMBCrypto’s Price Prediction for Bitcoin Cash [BCH] in 2022

A recent article pointed out that there were many short-term bearish factors at play behind Bitcoin Cash. Have the bulls been able to overcome these obstacles, or do the sellers still have the upper hand?

Source: BCH/USDT on TradingView

The chart had two, slightly different scenarios that could unfold over the next week. Highlighted in yellow, a descending triangle was spotted. BCH surged to $164 in mid-July but was rebuffed in that area. Since then, the price has formed a series of lower highs. A daily session close beneath $108.4 would likely signal another leg downward, while a session close above $124.8 could set bullish targets for BCH.

On the other hand, a range (orange) was also spotted and BCH traded within it in the past six weeks. The mid-point of this range was at $123.1. For nearly a month now, this was the level that has posed hefty resistance to BCH bulls.

The $112 level was also a key support level in the past four months, and a retest of this level would likely offer a buying opportunity. Yet, there was also a good chance that a bullish Bitcoin over the next few days could spur BCH above $123.

A rejection at $123 and a retest of the range lows can be used to enter a