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.

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