Bitcoin Cash has been sitting on top of this very strong support level for over a week now and could potentially still break up higher into the supply zone above but we are seeing some bearish divergence developing. Price is currently just slightly above the 50%FIB level and needs to start moving upwards towards the top of the trendline to continue this uptrend.
MACD is still nose-diving towards the center line while the Histo is hinting at higher lows while RSI has developed bearish divergence with price, which unless we can get a higher low forming within the next few hours with a price move up could spell further downside for BCH. The short and long targets have been outlined and could take a few attempts to achieve them but they are the main support/resistance levels that we can look for if the price does break out on either side.
Bitcoin price will most likely dictate any movements at the moment so keeping a close eye there is very important.
Thanks guys!
MACD is still nose-diving towards the center line while the Histo is hinting at higher lows while RSI has developed bearish divergence with price, which unless we can get a higher low forming within the next few hours with a price move up could spell further downside for BCH. The short and long targets have been outlined and could take a few attempts to achieve them but they are the main support/resistance levels that we can look for if the price does break out on either side.
Bitcoin price will most likely dictate any movements at the moment so keeping a close eye there is very important.
Thanks guys!
However, we were unable to break above the highs of the previous swings, which isn't too bullish but if we could get a break here, a test of the supply zone above is possible.
MACD and RSI remain flat with a slight downwards bias so far.