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.

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

For daily commentary on cryptocurrencies, subscribe to our newsletter!