The Bitcoin Cash price was able to rise up to the golden ratio at ±$265, where it was strongly rejected!
Bitcoin Cash Price Analysis – Rejected at the golden ratio!
After the Bitcoin Cash price strongly bounced at the golden ratio support at ±$210, BCH rallied to the golden ratio resistance at ±$265, where it seems to be getting rejected today! Now Bitcoin Cash could find support at the 0.382 Fib support level. That’s also where the 50-Daily-EMA is, which could offer additional support. Should these support levels not hold, the BCH price could fall to the golden ratio at ±$225!
Bitcoin Cash Price Analysis – Will a bearish breakout follow?
But should the Bitcoin Cash price fall under $210, it would result in a bearish breakout from the symmetrical triangle. This might cause the Bitcoin Cash price to fall very low, possibly even to the local low of $133. But should the BCH price break the golden ratio at $265, it would find significant resistance at $270 – $275, where it would meet the 50-Weekly-EMA and the 0.382 Fib level. Later, at ±$360, another important resistance will be waiting for BCH.
The MACD lines are shortly before a bullish crossover, and the histogram has also been growing bullish for two weeks. But as long as the Bitcoin Cash price doesn’t break the golden ratio resistance at $265, things would be looking bad for BCH!
Bitcoin Cash Price Analysis – Bitcoin Cash monthly candle should close above $274 to remain bullish!
To really stay bullish, the BCH October monthly candle should close above $274, which would establish a bullish engulfing candle formation. Then, even a price target of $360 could be thinkable again. Until then, the golden ratio at $265 has to be broken first.
Bitcoin Cash Price Analysis – BCH/BTC pair also finds itself at the golden ratio resistance!
Against Bitcoin, the BCH price reached the golden ratio at 0.023 BTC, where the BCH price was strongly rejected today. The BCH price now finds support at 0.02116 BTC between 0.0217 and 0.0219.
Best Regards and successful trades
Konstantin
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