Bitcoin Cash Price Analysis: Harmonic patterns emerge in BCH/USD
|- Bitcoin Cash trades over 21% higher on Thursday as crypto sentiment bounced.
- There is a harmonic pattern that has emerged on the 1-hour chart.
BCH/USD 1-hour chart
The price of Bitcoin Cash has shot up after most majors bounced on Thursday. This is in stark contrast to the fall over the last month or so. From its peak in February, the price has fallen 72% at its lowest recent point. Now the market has started to consolidate and has pushed up. The main consolidation high has been broken and now there is a decent potential resistance zone.
Looking closer at the chart, The Fibonacci extension and retracement now have a confluence area close to the 270.0 level. The retracement was respected at the 23.6% level and now the 161.8% extension and 38.2% retracement are halting any short term move higher. The main rationale for the potential bullish move from here is the 61.8% Fib retracement level matching the 261.8% extension zone. They are both strong Fib numbers and if there is a break higher it could be an area where the bulls might target.
 (13)-637202483485525213.png){kind=link}
Additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.