Bitcoin Cash Dead Cat Bounce?

Bitcoin Cash has tested some levels in the lower $1,200 handle. Thankfully, it rejected these and rebounded to $1,275, which appears to be a very strong level. Currently, it corresponds with the central moving average of the KRI. If current prices do not hold, we'll have support from $1,200, as well as Fibonacci levels at $1,144, $965, then the lower bound of the KRI at $1,075. If momentum reignites, we must break through the central moving average of the KRI currently at about $1,275, where BCH is currently hovering. Then we will need to best $1,400, $1,438, $1,500, and $1,522. The upper bound of the KRI will be the next point of resistance at $1,532, then after that, $1,764, the lower anchor of our nested Fibonacci levels, seems to be a reasonable target.

Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here!

For daily commentary on cryptocurrencies, subscribe to our newsletter!

Komen:

Forgive the inconvenience! Wrong text!

Bitcoin Cash has seen a rejuvenation in the lower $1K handle, confirmed by testing and rejecting the lower bound of the KRI twice. This is marked by green candles, not once, but twice this weekend, though we will have some resistance from the central moving average of this indicator. Currently, BCH is holding at $1,125 or so, which has support from below at $1,087, and the psychological $1K boundary. Below that, we must appeal to the $900 handle at $970, $965, and $950 for starters. From above, we must contend with $1,144 before a vacuum zone to $1,200. Kovach Momentum Indicators are bearish on day charts, but do appear to be bottoming out. On 30-minute charts, they do appear to be picking up. Elliott Wave analysis suggests we are in a persistent bear cycle for this unfortunate coin.