Bitcoin Cash Technical Analysis: 300 is well supported once again

Bitcoin Cash has rejected downside moves yet again
Key trendline apex needs testing soon
360 is still the level to breach for upside momentum

Rajan Dhall, MSTA FX Daily

Bitcoin Cash has been rejecting downside moves for a couple of days now on the daily chart. 300 is now the support levels to beat for the bears as volume seems to kick in to support price at the psychological level.

Marked in green is the next support level on the way down that would really threaten the bullish chart structure. While on the upside a break of the red consolidation high would indicate a move to test the highs on the chart of around 500.

Today price hangs around the 50% Fibonacci level after the 61.8% as rejected in dramatic fashion on August 15th.

Moving forward the price is now looking to move to the apex of the two converging trendlines and we should get an answer to the future path of price action.

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.

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