VincePrince

Bitcoin Cash, Mingling At The Range, Here Are Important Levels!

BITSTAMP:BCHUSD   Bitcoin Cash / U.S. Dollar
Hi my friends,

as the cryptocurrency market sending strong mixed signals bitcoin cash showing up some interesting and telling signs on the 4-hour timeframe which can determine further outcomes of this pair. As differences between the currencies increasing similarly to mechanisms we know from the stock-market-crashes for example in 2000 and the dot-com-bubble it is important to note these divergences in order to trade the market and different pairs individually and don't apply everything in the same pattern which is too often happening these days.

Looking at my chart you can watch there that Bitcoin Cash building up somewhat of a consolidation range since it showed the heavy volatile bearish movements to the downside where it is trading above the 55-EMA in green and the 100-EMA in blue which it already tested several times, the thing with these EMAs are that they get weaker and weaker the more Bitcoin Cash testing these. Furthermore, the pair has a strong resistance-cluster which is marked in red, consisting of the solid Fibonacci-resistance lying there already confirmed bearish to the downside and the resistance-key-level established by past price-action on the higher timeframes altogether building this fundamental resistance here. There are basically two possible outcomes, once is that Bitcoin Cash manages somewhat to move above the resistance which is unlikely at the moment and the second one is that the EMA structure and remaining support more weakens till it is broken to the downside which can provide a proper short-entry set-up. In this structure, it is important to note that this does not mean Bitcoin Cash is completely bearish but that bearish pressure is definitely within the possible range and therefore should not be kept aside.

In this manner, thank you for watching the analysis, support for more market insight, and all the best!
"Prospect is the ingredient of good fortune."

Information provided is only educational and should not be used to take action in the market.
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