Mixed sentiment leads Bitcoin Cash cryptocurrency to trade sideways; establishes tight $106 to $107.05 range

After dropping down to $106, BCH recovers some losses and is currently trading at $106.56.

Bitcoin Cash is approaching key support, around $1.67 away from $104.89. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. BCH made an initial breakout above its 5 day Simple Moving Average at $106.84, a potential indicator of a newly emerging bullish phase. BCH's upper Bollinger Band® is at $116.89 and the lower is $99.54.

Despite muted price action in Bitcoin Cash, chart analysis indicates it is positioned for a bullish run in the short term.

While Bitcoin Cash is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. Ripple is trading around $0.483 (down $0.01). TRON is down to $0.069, losing $0.001, after closing at $0.07 in the preceding trading session.

Bitcoin Cash has shed 18.86% over the past three months. Bitcoin Cash has a market cap of 2 billion with an average daily volume of 77.57 million.