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.

Rajan Dhall, MSTA FX Daily

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.

Additional levels

BCH/USD

Overview
Today last price	224.4387
Today Daily Change	39.0613
Today Daily Change %	21.07
Today daily open	185.3774

Trends
Daily SMA20	262.2173
Daily SMA50	349.1743
Daily SMA100	300.44
Daily SMA200	277.5961

Levels
Previous Daily High	186.5628
Previous Daily Low	169.515
Previous Weekly High	331.2789
Previous Weekly Low	135.8533
Previous Monthly High	496.9345
Previous Monthly Low	299.0373
Daily Fibonacci 38.2%	180.0506
Daily Fibonacci 61.8%	176.0273
Daily Pivot Point S1	174.4073
Daily Pivot Point S2	163.4372
Daily Pivot Point S3	157.3594
Daily Pivot Point R1	191.4552
Daily Pivot Point R2	197.533
Daily Pivot Point R3	208.5031

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.

Crypto Today: Bitcoin, Ethereum, XRP trade within range amid low retail interest

Bitcoin, Ethereum and Ripple continue to exhibit subdued volatility, consolidating within narrow ranges at the time of writing on Monday. Persistent low retail participation and weak technical structures limit the chances of any extended upside price movements.