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Bitcoin Cash: This resistance trifecta could spoil chances of a 20% rally
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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
Underpinned by a risk-on broader market and Bitcoin’s succession to new heights, smaller rival Bitcoin Cash has maintained a consistent uptrend over the last 3 days. In fact, BCH recorded a percentage increase of 16% during this period, lining up six consecutive green candles for only the second time in over a month.
There was even the potential for another 20% should BCH close above the confluence of its value high zone, 61.8% Fibonacci level, and an upper sloping trendline. However, an overbought RSI and a solid resistance zone could weigh heavily on the digital asset’s attempt at an extended rally.
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