• Bitcoin Cash reversed from support area
• Likely to rise to resistance 1000.00
Bitcoin Cash cryptocurrency recently reversed up from the support area lying between the key support level 750.00 (former multi-month high from February), 20-day moving average and the 61.8% Fibonacci correction of the previous sharp upward impulse wave (1) from the end of March. The upward reversal from this support area created the daily Hammer – which started the active short-term impulse wave (3).
Given overriding uptrend that can be seen on the daily charts – Bitcoin Cash cryptocurrency can be expected to rise further toward the next round resistance 1000.00 (former top of the daily Long-Legged Doji from the middle of April – as can be seen from the Bitcoin Cash chart below).
