#17709
margincall
margincall
Keymaster

Here is a snippet from my last Bitcoin Cash price report – “Should the bulls fail to step up to the plate and defend the near term support at $1200, we will most likely test $1000. This also happens to be a strong psychological support level for the market and should it fail I will take a closer look at the $800 zones where I might try to catch the bounce.”

Lets take a closer look.

bchusd forecast 29 May 2018

The bearish action has left many traders burnt as they bought the top, the last time Bitcoin attempted to hit $10k. The market has experienced a very healthy retrace in my opinion, well over 50%, which is quite normal for crypto markets.

The $900 price level has just failed as I am busy writing this report, I will take a close look at the action in the market above $800. The last few dips below $900 was met with buying pressure, should this pressure fail we will revisit the lower $800 zone and possibly into the $700 price range.

It is important for traders to learn to identify different price action in the various support and resistance zones. This will help you to gain confidence in placing buy/sell orders or patiently waiting for the market action to come your way.

My long term support for BCH is around $680 and I would expect some good ol bulls to come out should we dip that low. Safe trades.