BCH/USD technical analysis: the pair increased by 11%

FXOpen Broker Team FXOpen

From last week when the price of Bitcoin Cash was sitting around $122.2 at its lowest point on Monday, we have seen an increase at first to $135.3 which was an increase of around 11%.

The price came up to its upper resistance line but since the encountered resistance was too strong the price got rejected which is why another minor downtrend started and lasted until Tuesday this week when the price came down to $125.7 on FXOpen UK which was a 6.6% decline.

After reaching the mentioned low, the price of Bitcoin Cash started increasing again today and has managed to come up to its upper resistance again but this time an interaction hasn’t been made before the price got rejected and was sent down again.

Currently we are seeing another green candle but as the wave structure implies this is only a B wave from a Minute correction which is why I don’t believe that this upward momentum is going to last for much longer.

We are most likely to see a lower low as the ABC correction should develop fully and as the price is currently finishing the B wave we are soon going to see if the count gets validated.

Ultimately the price is heading for another impulsive move to the upside but this would be only correctional and would most likely retest some of the upper resistance points again before we are to see further downside for the price of Bitcoin Cash.

Author

FXOpen Broker Team

FXOpen

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