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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.
Bitcoin Cash Price Analysis: Harmonic patterns emerge in BCH/USD
Rajan Dhall, MSTARajan Dhall, MSTAFX 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.

Bitcoin cash harmonic pattern

Additional levels

BCH/USD

Overview
Today last price224.4387
Today Daily Change39.0613
Today Daily Change %21.07
Today daily open185.3774
 
Trends
Daily SMA20262.2173
Daily SMA50349.1743
Daily SMA100300.44
Daily SMA200277.5961
 
Levels
Previous Daily High186.5628
Previous Daily Low169.515
Previous Weekly High331.2789
Previous Weekly Low135.8533
Previous Monthly High496.9345
Previous Monthly Low299.0373
Daily Fibonacci 38.2%180.0506
Daily Fibonacci 61.8%176.0273
Daily Pivot Point S1174.4073
Daily Pivot Point S2163.4372
Daily Pivot Point S3157.3594
Daily Pivot Point R1191.4552
Daily Pivot Point R2197.533
Daily Pivot Point R3208.5031

Author

Rajan Dhall, MSTA

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

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