Bitcoin Cash, Fibonacci Retracement & Support Analysis

BITFINEX:BCHUSD   Bitcoin Cash / U.S. Dollar
Here we are again, pretty much the same situation as the previous analysis (May 22). As whe have said before, Bitcoin Cash is falling together with all the crypto market. The famous "golden ratio" is gone and now we are testing the 0.786 Fibonacci Retracement level.
Price is also testing our Strong Support Area where it bounced weakly two weeks ago. Another thing to consider is that price is getting too far away from the 200 EMA .
What do i think it's gonna happen now?
As always only two things can happen, but trading is a game of probabilities!
  • less probable: Test & Bounce higher
  • more probable: Break our Current Support and continue the bearish trend (NB: Inversion is near), hoping for some Bullish Strength only around the 765 area (keep track of the RSI )
Sky is not the Limit

The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
Is it bear hunting season yet?
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