Over the past few days, the BCH has been a hot topic of discussion amongst the cryptocurrency fanatics. With the prices of the bitcoin longing to improve and a lot of money of the ‘bitcoiners’ at stake, the slow rate of growth was making the crypto world rather anxious.
After the ruffled price movements on the 8th of August 9th August woke up to a rather positive figure of $302 at the beginning of trade, but soon plummeted to $297.76.
As the hours passed, it retained and improved to an amount of $309.61.
What does the future look like?
Sunny Hill Capital, a Trading View analyst, believes that the cryptocurrency will form an Elliot wave soon.
The team of analysts drew its conclusion for the BCHUSD pair on the 4-Hour chart, where the BCHUSD pair was placed inside a descending parallel channel.
The first Fibonacci zone was placed between the $271 and the $273 levels, while the second Fibonacci zone was placed between the $255 and the $259 marks.
The analysts believe that the cryptocurrency will now fall to a Fibonacci zone above the $270 mark, after which it may either resume the uptrend on topple down to the next Fibonacci zone placed right below the $260 level before turning brawny.
If the idea takes place, the cryptocurrency’s price line is expected to show an upsurge towards the upper frontier of the plunging parallel channel.
This may allow BCH price to retest the confrontation above the $310 mark and finally break past it.