In this article we are going to discuss the latest technical analysis of BitcoinCash, the trend, identifying potential support and resistance lines based on the chart. BCH recently suffered from a mild dump, following the main coins in the market of approximately 12.2%.
Please remember that this is not a financial advice, we recommend you to do your own research and trade wisely.
In the image below you can observe the daily chart of BCHUSDT, daily candles are used in today because of the huge potentials of BCH to grow past previous levels.
Current Price: 269.21$
Supports to hold: 1. Based on Fibonacci Retracement levels of 0.618 260$
2. The daily trend line: 250.45$
3. Based on previous resistance level 235.85$
Resistance levels to watch: 1. Based on Fib Retracement levels 294$ and 315$.
The general market remains in an uptrend, since the correction was a healthy correction, retracing the price value of BCH to 0.618 levels and holding these levels as support lines without falling below. This is a crucial level to hold in the next few days.
The MACD indicator on the 1 hour candle is bullish. It is expected to try to test the resistance levels in the next few days before moving up aggressively.
This was a brief TA of BCHUSDT.
Thanks for your attention,
Crypto Army