Bitcoin Cash Broke its Range... To the Downside

Bitcoin Cash was hit hard too, breaking past support in the $1,700’s currently finding support amidst some congestion in the upper $1,500’s. We have completely redrawn the Elliott Wave to frame yesterday’s action as the corrective segment of a 5-3 Elliott Wave, and may need to extend the lower segment further if fallout continues. Now, unfortunately, nested Fibonacci support levels from below now offer resistance, including $2,212, $2,488, $2,712, and around $3K, which is also psychologically significant. If we can break the psychologically significant $1,500 mark, our next level of support is $1,400, the anchor of the Fibonacci levels from before.

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