Market Analysis

26 March 2019

Bitcoin Cash Hourly Chart (CMP: $156.60)

Third week of March saw a rally in Bitcoin Cash that took prices ascending from $148 till $168 levels. That rally is now fizzling out & we see a trading opportunity in this Crypto pair.

The violation of upward trendline (shown in blue) as well as downward break of Symmetrical triangle (shown in red) confirm weakness. As of Tuesday evening (26th Mar 2019, 1700 IST) BCH is testing its support at $156.50 odd levels & so far honoring the support. However, given the weight of evidence, we expect the support to be broken anytime soon. Once that happens, BCH presents a shorting opportunity below the said support levels ($156.50) with stop loss at $160. Next support for BCH is at $151 levels which could be a potential target for this movement.