Well good day Traders!
Recent price action showed a sign of a bullish move (higher high spike), however, Bitcoin Cash has been under pressure as seen by lower lows and large top wicks. At this moment in time price action does seem slightly bullish as a potential ascending channel is forming and rising RSI (red line). Should price continue moving higher it'll have to deal with quite a few hurdles on the way up, upper channel resistance at (2) and (3) as well as 100 and 200 4H EMAs. A brake of support at (1) would send it further down.
Recent price action showed a sign of a bullish move (higher high spike), however, Bitcoin Cash has been under pressure as seen by lower lows and large top wicks. At this moment in time price action does seem slightly bullish as a potential ascending channel is forming and rising RSI (red line). Should price continue moving higher it'll have to deal with quite a few hurdles on the way up, upper channel resistance at (2) and (3) as well as 100 and 200 4H EMAs. A brake of support at (1) would send it further down.