The price action of BCH is struggling at 100 resistance level:
If we watch the simple moving averages with the time period of 25, 50, 100 and 200 then still the priceline is struggling at the 100 resistance and having support of 50 . If the price action will break out the 100 then next resistance of 200 is at $170.
The pattern has been changed:
The price action of Bitcoin cash is moving in a pattern. If we place the indicator then it can be clearly observed that the power between the bulls and bears is distributed equally. Whenever the is moving down or moving up the price action is following the signals and hitting this levels accordingly. When the 8th time gave signal the priceline of BCH moved down at support but when indicator gave signal the price action did not reach at the resistance.
And when for the ninth time the moved down the price action broke down the support of . Therefore now the pattern has been changed from to .
A big move:
Now I would like to recall a very big pattern that I have shared in my previous articles as well. This pattern has been formed by the protection of Bitcoin cash on the monthly chart. At this time the price action is moving in the potential reversal zone of this pattern.
As per Fibonacci sequence the price action can enter the of A to D leg from 0.382 to 0.786 Fibonacci levels. And the price targets can be as below:
Potential reversal or buying zone: $242.32 to $167.94
or sell zone: $300.84 to $441.41
Even though the price action has strong resistance of 100 moving average on the . But it has also the support of $225 and after hitting the support of the channel that has been formed on the the movement up to the resistance is still due. Therefore we can expect that the price action can move up to the resistance of the channel at least. However, on the monthly chart a big pattern is showing that the Bitcoin cash will start a long-term rally soon.