The bear momentum is very strong with BCHBTC , and even beginners can recognize the bear impulse. We do observe some difficulty breaching lower as BCHBTC seems comfortable in the 0.07's. In fact, 0.06624 seems to be a hard lower bound for this pair for now. If not, we can consider the 0.05 handle for footing, in particular 0.05159, which is the lower anchor of our Fibonacci levels, and should prove difficult to usurp.
There is a small chance that we are forming an pattern, but we need to wait for BCHBTC to break to the upside to complete the second shoulder. In general, it is unwise to preemptively trade this patter, lest we get caught if the pair makes new lows.
As with the other cryptos, we are likely to get bought back at lows after the breakdown. If bull momentum reignites and we can break past current levels, 0.08695 will be the first to provide resistance. After that, we have to look to Fibonacci levels for more insight, but it is doubtful we will need to consider these any time soon.
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