fxs_header_sponsor_anchor

Bitcoin Cash Technical Analysis: Key Fibonacci level could halt the pairs progress

  • Bitcoin Cash still has a bullish structure
  • 38.2% Fib level could prove to be a problem as it has done in the past
  • General crypto strength has helped push Bitcoin Cash higher

 

Bitcoin Cash is looking toward higher levels today as crypto sentiment remains high following the Bakkt announcement on Friday. As Bitcoin breaks 10,700.00, Bitcoin Cash manages to reject 300.00 to the downside and reach a high of 329.34 today. The Fibonacci levels seem to be well respected in this pair (BCH/USD) as price bounced off 23.6% twice once the inital break lower consolidated. Now BCH/USD has reached higher levels 38.2% has become the next area of major resistance as it confluences with a support level that formed between May-June. On the lower timeframes (1 & 4-hour) 330.00 is a sticky resistance level currently preventing a move to higher levels.Having said all of this, last Thursday's hammer candle signalled some good volume on the downside rejection and the bais for the pair looks good for a further move higher. 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.