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Bitcoin Cash seems to have strong support around the $300 level. The trading range is very narrow and I think depending on the direction of Bitcoin will have a big part of play in the future direction of Bitcoin Cash. For me Bitcoin Cash could go either right now and I have no idea which way it will but I think Bitcoin's price direction will play a big part in Bitcoin Cash's future price direction. 

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Bitcoin Cash is still hovering around the $300 level as Bitcoin has not decided upon its course of direction. It is struggling at times to stay about $300 for any sustained period and I think Bitcoin will need to cross $11k for Bitcoin to cross $350 price level.

There is some strong range bound consolidation taking place but this could be before the price drops further or increases and this is undecided. The only thing that I think increases the odds and probability of the price increasing is the halving event for Bitcoin would could lead to an increase in the price of Bitcoin with 'alt coins' following suit. 

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Bitcoin Cash is up 0.52% at the time of writing this post. It seems to be playing catch up to Litecoin who is this morning's leader. The only significant piece of news was what I posted yesterday. 

Unless the narrative for some of these alt coins strengthens then I do fear for some of them. 

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Bitcoin Cash is up 6% at the time of writing this post and currently trading around the $325 price area.

I think it is going to find some rather tough resistance around the $345 price area as it tries to approach and surpass $350. I am not so sure it will be able to breakthrough unless there is some seriously positive news on not only Bitcoin Cash but the Cryptocurrency asset class in general.

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When I look at the 'daily' on Bitcoin Cash then I do fear another downward move. 

Since its recent high it has seen two sharp moves downwards with consolidation in between the two. I do wonder if that pattern has the potential to repeat itself?

I don't know the answer but this is the risk one faces when trying to trade Bitcoin Cash. 

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Bitcoin Cash is the leading 'Alt Coin' this morning available on IG. 

It seems to be going for the psychological $300 price level.

This news may be of interest to some (below).

The HTC Exodus 1 Now Has Bitcoin Cash Support

https://www.androidheadlines.com/2019/10/the-htc-exodus-1-now-has-bitcoin-cash-support.html

Bitcoin Cash is trading on the 'daily' above its 20, 50 and 100 DMA's. The $322 price level would take it past its 200 DMA. I think that is going to be the short term target for Bitcoin before it even thinks about $380 and above.

1497409129_BitcoinCash_20191029_05_28.png.6943943dd22698734dbd2ac1b4c9e19c.png

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Bitcoin Cash is struggling to stay above $300 price level. 

The Parabolic SAR is signalling bullishness in Bitcoin Cash. 

743329372_BitcoinCash_20191102_18_41.png.b7baea4cf3c9d8c655882c5e3b0593ec.png

It seems to be the top performer today when other assets are resting for the weekend. 

 

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The RSI is approaching 'overbought' levels but it is not quite there yet. 

582343354_BitcoinCash_20191103_07_33.png.d933008241ef16595b846328526eb24b.png

Any major rally in Bitcoin Cash will require RSI levels to stay above the overbought area. 

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Any major move above $300 for Bitcoin Cash could encourage more buying and increase momentum. That is the psychological level I am looking at for the moment. That key price area needs to be breached and Bitcoin Cash needs to stay above it for a reasonable amount of time otherwise the 'Bears' could strike!

There is also a 'halving event' for Bitcoin Cash in around 160 days and this could help any significant rise for Bitcoin Cash. Likewise capital may switch to Bitcoin if it rallies harder and stronger. 

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Bitcoin Cash seems to be leading the way this morning and I had a 'hunch' that this would be one of the next 'alt coins' showing bullishness. They all seem to take it in turns as they are so well behaved! It seems capital (possibly speculative) shifts from one 'alt coin' into another. That is just an assumption from me and I have no evidence that is the case. 

Bitcoin Cash seems to have surpassed $300 and is trading above it for now. It is important that it stays above it even after any corrective drop. 

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$200 will be an important and psychological price area.

If this is breached then Bitcoin Cash could easily go down to the $140 price area. This would be a big blow to the bulls and also damage confidence in the asset. 

Bears will be enjoying the move downwards and should be profiting from the current trend and price action. 

 

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