Bitcoin Cash has been bettered even more so than most of the other altcoins. However, we do see what appears to be a bull flag pattern, with some major support under current levels. This implies that we may see some bullish respite to the overall downtrending behavior we've been observing all year.
We have support from below and above with the 50 and 100 period simple moving averages. These appear to be converging to current prices. As with most cryptos, the volatility of BCH, as measured by the ATR, has dropped off completely, breaking new lows. Normally, this would indicate that some much needed momentum is due. We do see what appears to appears to be a bull flag, which could support the case for a breakout. If so, there is plenty of room until the next level of resistance. If we can break through the moving average at 0.07925, the nearest price target will be highs at the 4 hour chart at 0.08695 or so. After that, we may see the 0.236 Fibonacci level, though it is doubtful there will be that much steam before another retracement.
It is almost equally likely that we will see another onerous 'Bart Simpson' pattern that will set BCH back to lower levels. This includes the 50 and 100 period moving averages at 0.07833 and 0.06624, respectively. After that, we have 0.07677, a support level. If that is breached, we will retrace our entire flag pattern and then the base of support, the lower anchor of our Fibonacci levels is in sight. This corresponds to 0.05159 and would represent a full retracement of 2017's bubble.
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We have support from below and above with the 50 and 100 period simple moving averages. These appear to be converging to current prices. As with most cryptos, the volatility of BCH, as measured by the ATR, has dropped off completely, breaking new lows. Normally, this would indicate that some much needed momentum is due. We do see what appears to appears to be a bull flag, which could support the case for a breakout. If so, there is plenty of room until the next level of resistance. If we can break through the moving average at 0.07925, the nearest price target will be highs at the 4 hour chart at 0.08695 or so. After that, we may see the 0.236 Fibonacci level, though it is doubtful there will be that much steam before another retracement.
It is almost equally likely that we will see another onerous 'Bart Simpson' pattern that will set BCH back to lower levels. This includes the 50 and 100 period moving averages at 0.07833 and 0.06624, respectively. After that, we have 0.07677, a support level. If that is breached, we will retrace our entire flag pattern and then the base of support, the lower anchor of our Fibonacci levels is in sight. This corresponds to 0.05159 and would represent a full retracement of 2017's bubble.
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