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

Rajan Dhall, MSTA FX Daily

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.

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.

JPMorgan urges stronger crypto safeguards as it expands blockchain business

JPMorgan executives called on US policymakers to adopt a measured regulatory framework for digital assets that balances innovation with robust safeguards, according to a report on Monday.

Crypto Overview: Solana, Zcash, and Hyperliquid rebound while Bitcoin remains below $60,000

The broader cryptocurrency market remains under pressure with Bitcoin below $60,000 on Tuesday, while Solana, Zcash and Hyperliquid emerge as top performers over the last 24 hours. Retail sentiment remains bearish with the Fear and Greed Index around 17 maintaining an “Extreme Fear” signal.

Bitcoin stalls at $60K as buyer conviction fades, Strategy authorizes BTC sales

Bitcoin is trading around the $60,000 level on Monday after a sharp decline last week. With the top crypto struggling to recover, analysts suggest the market remains firmly in defensive territory as investors await stronger signs of demand.

Strategy unveils plan allowing Bitcoin sales to fund stock buybacks, dividends and reserves

Strategy (MSTR) has unveiled a Digital Credit Framework to strengthen the company’s financial standing. Under the new framework, the world’s largest corporate holder of Bitcoin (BTC) will pivot from its previous accumulation strategy, opting to sell BTC in order to boost liquidity, fund dividend payments, execute stock buybacks, and strengthen cash reserves.

Bitcoin: BTC hits 20-month low, will the pain continue?

Bitcoin has remained under pressure this past week, losing over 5% as traders assess mixed signals from different parties involved in the Middle East conflict.