• Bitcoin Cash reversed from resistance area
• Likely to fall to support level 429.70
Bitcoin Cash recently reversed down from the resistance area lying between the key resistance level 550.00 (which also reversed the price in the middle of January) and the 38.2% Fibonacci correction of the previous downward impulse from the middle of February – which started when Bitcoin Cash failed to hold the ground above the round resistance level 700.00. The downward reversal from this resistance area created the 2 daily Japanese candlesticks reversal patterns Shooting Star.
Given the proximity of the aforementioned resistance area and the multi-instrument downward correction seen across the global crypto currency markets today – Bitcoin Cash is likely to fall further toward the next support level 429.70 (low of the previous minor correction 2).