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.
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.
A convincing close above this strong confluence can allow BCH to register another 20% jump, pushing its price to its 138.2% Fibonacci Extension and its September high of $784.
If investors do decide to pull the plug, BCH will fall short of its goal and shift to near-term support levels of $650, $631.2, and $607.
Following a massive jump, Bitcoin Cash could ease at a few defensive lines should investors choose to cash out.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.