CHART ANALYSIS: BCC/BTC 11/24/2017
Important Resistance Levels: 0.210, 0.250
Important Support Levels: 0.175, 0.143
As expected, the price of BCC 0.07% increased to the resistance level of 0.210 and the 61.8% retracement . The bullish move was immediately rejected but the uptrend is still in effect on this chart. The price will continue to travel in this direction but will be met with these resistance levels once again. If the price is rejected on this level once again it will create a double top , indicating that the price will now gain bearish momentum. If this is the case, the support level that must be noted is where the 0.175 support line meets the 2/1 Gann fan indicator. If this support line is reached and broken you can expect the price to continue in a bearish direction with a great deal of momentum behind it. On the contrary, if the resistance level of 0.210 is broken, the same will be expected. This being, the price continues to increase until met with the next strong resistance level where the resistance line meets the 1/1 Gann fan at 0.250. The chart is also currently in its third wave of the 5-wave 0.74% Elliott wave cycle. This supports the fact that the price will continue in the bullish direction until the end of wave 3.
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Arham Bheda, Research Analyst
Cryptocurrency Capital LLC