From yesterday’s open at $86.6 the price of Bitcoin Cash has dec

BITSTAMP:BCHUSD   Bitcoin Cash / U.S. Dollar

Looking at the hourly chart you can see that the price action formed a descending triangle from which a breakout occurred from the downside. The price went on downwards making new all-time lows for the price of Bitcoin Cash in a three-wave manner and is currently on the horizontal support level where it is searching for support.

Judging by the wick from the downside the level will serve at least as a temporary support but I would expect further depreciation for the price of Bitcoin Cash in the upcoming period as the target for the descending triangle breakout is around $65.

Pivot points

S3 68.42
S2 79.08
S1 82.92
P 89.74
R1 93.58
R2 100.40
R3 111.06
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