Bitcoin Cash price analysis and forecast (Tuesday, July 24th): Will the bullish trend last long?

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It is probable for the Bitcoin Cash price to a tumble to the bottom level of $659.1 in order to construct the Triple Bottom pattern

Bitcoin price, Bitcoin Cash price, Bitcoin price analysis, Bitcoin Cash price analysis, Bitcoin price forecast, Bitcoin Cash price analysis, USD, cryptocurrency, major cryptocurrencies, top 10 cryptocBCHUSD D1 24072018

According to chart D1, the Bitcoin Cash price has accomplished the short-term Ending Diagonal Triangle Elliott Declining Wave and is moving in the consolidation period. It is forecast that the cryptocurrency price is will fluctuate in the range between $661 and $876 in order to accomplish the Flat Elliott Wave pattern. Besides, the EMA 50 (Exponential Moving Average) still casts a shadow over the cryptocurrency price chart, indicating that the sellers are still taking over the market against the buyer force. We anticipate that the Bitcoin Cash price will retrace to the level of around $700 so as to finish the Flat Elliott Wave marked with (B) before a strong recovery of the last Flat Elliott Wave marked with (C).

Bitcoin price, Bitcoin Cash price, Bitcoin price analysis, Bitcoin Cash price analysis, Bitcoin price forecast, Bitcoin Cash price analysis, USD, cryptocurrency, major cryptocurrencies, top 10 cryptocBCHUSD H4 24072018

In chart H4, the minor Double Bottom pattern has been shaped, and the Bitcoin Cash price has experienced an upward breakout from the neckline. However, a pullback has occurred, and currently the cryptocurrency price once again has climbed from the neckline to retest the solid resistance level of 876.9. There are two scenarios to be considered: a further climb to the upper trend line as the impact of the Double Bottom pattern lifts the Bitcoin Cash price up; the other case is a tumble to the bottom level so as to construct the Triple Bottom pattern. According to Elliott Wave analysis, it is possible for the second scenario to take place. However, we still need to wait for the breakout signals at the solid resistance level of $876.9 to know the upcoming cryptocurrency price direction and to decide on which order is the most appropriate.

Written by nami.today

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