Bitcoin Cash Consolidates, Breakout Soon?

Bitcoin cash continues its range after the breakout on the 8th of this month. It still faces resistance from the upper bound of this range, which corresponds with the central moving average of the KRI and the psychologically significant $1,300 level. Unfortunately, BCH still appears to be in a solid bear cycle via our Elliott Wave rendition but we should anticipate another burst of momentum from the corrective phase, soon. Resistance should be expected from $1,300, though we have consolidated significantly, and a breakout should follow soon. There is a vacuum zone from above until $1,488, and then the next major level is our nested Fibonacci anchor at $1,764 which corresponds with the upper bound of the KRI.

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