BitcoinCash After The Rally – What’s Next?

BitcionCash had a massive rally recently. It went up from $300 up to $3000 area in less than a month! On the 12th of November, BCH/USD tested the all-time high at $3128 after which a sharp move down followed, bringing it all the way down to $1000 area.

There is heavy volatility and it doesn’t look that it is over yet. Following the corrective wave down, price rejected the uptrend trendline and went above the 161.8% resistance at $1464, which is currently acting as a support level.

Perhaps now BitcoinCash is presenting a buying opportunity where investors can benefit from huge volatility. The nearest upside target is seen at $2200, that is where two Fibonacci levels meet with each other. First, is 261.8% Fibs applied to the very first corrective wave down that has started in August. The second Fibs applied to the most recent corrective wave down where the uptrend trendline has been rejected.

Although trend remains very bullish BCH/USD could once again test the uptrend trendline and only break and close below $1000 psychological support could invalidate bullish outlook. At the same time if price breaks above $2200, more growth might be expected.

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here