BitcoinCash Should Go Lower

Following the previous idea on BitcoinCash, it has gone up as expected. After breaking the triangle pattern, the price went sharply up, from the  $1700 support all the way up to $4200, resulting in 146% gain over the USD.

Now BCH/USD is facing a resistance at 127.2% Fibonacci retracement level applied through the previous all-time high corrective wave. This is the $3750 level which has been rejected throughout the past couple of days. Price spikes went above that level, up to $4236, nevertheless, it failed to close above the 127.2% Fibs.

Now the key price level remains $4236 and only break above could push BitcoinCash higher. But at this point, a corrective wave down to 61.8% Fibonacci retracement, at $2680, should be expected.

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