Bitcoin Cash has been getting hit hard. In the last day, we saw the currency break the support of two key resistance levels that it needed to hold consolidation and mirror the initial blast up from $300 to $940.
Initially, I was looking to have BCC hold a level of $581 followed by $553. We broke through both supports and are now looking down at the $516 level.
4-hour chart indicators are signaling oversold conditions, and the long hammers on the bottom of the candlesticks are signaling buys on the dips and price rejection at this level.
One concerning factor as noted below in the chart is the increasing bear volume. Price movements haven't been as vast though for the heavier volume, so this is definitely a sign of bulls coming in to purchase at these levels. I expect to see a bounce, and then a test of the $553 level to maintain.
Good Analysis. I am holding to BCH.
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