Bitcoin Cash had held firm above the $270 mark in the past few days. It did trade beneath this level for a few hours but saw demand arrive that pushed the prices up to $293, where it was trading at press time.
Some short-term levels of resistance and retracement were marked on its charts. A bullish reaction from Bitcoin over the next few days could see Bitcoin Cash gain some value too.
However, the longer-term trend and market structure remained bearish. It appeared likely that a bounce could be seen for Bitcoin Cash, followed by another drop, unless Bitcoin can recover and climb above $43k.
In the past couple of months, BCH has been strongly bearish. However, on lower timeframes such as the hourly, there was some indication of demand which could see BCH bounce.
This bounce could see the price climb as high as $360, with the Fibonacci retracement levels expected to offer some resistance, especially the 50% level at $329. If such a move does play out, sellers could step in at the 61.8%-78.6% retracement area.