Bitcoin Cash Lags

Bitcoin Cash has consolidated notably, finally finding support in the $1,100's at $1,168 or so. Although our Elliott Wave analysis has confirmed a bearish trend, we do anticipate a corrective phase to provide a relief rally for us in the near future. We'll have support from Fibonacci levels at $1,144, $965, then the lower bound of the KRI at $936, which are increasingly becoming more of a reality. If momentum reignites, levels of resistance from above include the central moving average of the KRI currently at $1,280, then $1,300, $1,400, $1,438, $1,500, and $1,522. The upper bound of the KRI will be the next point of resistance at $1,624, then after that, $1,764, the lower anchor of our nested Fibonacci levels, seems to be a reasonable target.

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