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

 

Bitcoin Cash Daily Chart

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. 

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