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BCH Bitcoin cash, wedge, bear flag, H&S

Bitcoin cash, this one got pumped so hard the past month to make the crypto market crazy again. This strategy seems to be over already and from the looks of it, price want's to drop again. It has formed several bearish patterns, the biggest one is the possible H&S. The right should is still not complete, so things could still become bullish eventually. Since the green area is a very big support area! So as long as price is able to stay above the 1.250 than it's still bullish. So if we drop towards that level and the support would hold it will fail the H&S which could trigger an acceleration upwards. But i give that scenario 25% chance. The bearish pattern has more chances for succeeding

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Previous analysis of BCH

BCH been extremely weak lately, looks like a small inverse H&S

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For BCH the longer term picture is still bearish, as long as the 1500/1550 remains a resistance, the H&S is still in play. There is a bullish scenario for BCH, that is that red line. That it will make a small (but ugly) inverse H&S with a target around 1700. If this happens, than the bearish scenario can be flushed through the toilet :)

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So the neckline is as good as broken, we got a very low target set again for BCH. Crypto don't really listen to the rules of TA, so the retracement (if there will be one) could even go to around 1400. Only a brek of 1500 would really invalidate this.

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So the neckline has been broken, but it could easily go up above the neckline again. This looks like a bullish wedge, and there is a big chance we see another bounce again. Depending on Bitcoin's plan's of course, as always. Even if we do see a big bounce, i expect it to go towards the red area even but make a big drop afterwards. So far the neckline is broken,we have to assume it stays below the 1280/1300

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It broke the 1200 resistance, formed what looks like an inverse H&S, now it's made a small bull flag, suggesting it could go to 1300 next, but it has to stay above the 1200/1210

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Target reached :)

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Looks like the rally has already ended, if price drops below 1200 it will be the first confirmation. Drop below 1140 will probably trigger a longer term drop

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Dropped through the previous low so the H&S is confirmed because of this. Only a rally above 1320 could invalidate it now

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BCH has been dragged lower with the rest of the crypto market, looks like it's inside a big bear flag now, that will probably bring it towards the target of the H&S around 650/750. Only a break of 1200ish could change things

botje11

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