Crypto Daily – Bitcoin Cash under Bearish pressure

14 February, 2022Bitcoin Cash cryptocurrency continues to fall today after the earlier downward reversal from the resistance area lying at the intersection of the key resistance level 350.00 (former powerful support level, which stopped the previous short-term impulse waves iii and (iii) at the start of December and January), upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp downward impulse wave 1 from the end of December. The downward reversal from this resistance area started the active minor corrective wave (b).

Given the worsening of the risk sentiment as seen across the cryptocurrency markets today and the strength of the daily downtrend – Bitcoin Cash cryptocurrency can be expected to fall further toward the next round support level 300.00 (target price for the completion of the active retracement (b)).

BCHUSD - Primary Analysis - Feb-14 1332 PM (1 day)

 

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