Is massive run followed by massive correction?

Analyzing the daily chart of Bitcoin Cash, we see that the upward impulse has reached the resistance line of the correction channel and the level of 38.2% Fibonacci relative to the previous long wave of decline.

A break of support at $ 143.00 will be a signal to reduce and update key minimums. The MACD indicator demonstrates stability and potential for further growth with its dynamics.

The 1-hour timeframe Bitcoin Cash, like other tools of the cryptocurrency market, shows a bouncing rollback after reaching the resistance line. The correction reached the level of 23.6% and can continue its course to the levels of 38.2% ($ 241.85), 50.0% ($ 226.96) and 61.8% ($ 212.08) on the Fibonacci scale. At the same time, Stochastic formed the “Black Cross”, which confirms the short-term corrective decline.