I am not short, but my bias sure is, Bitcoin Cash is looking pretty ugly right now, the hard fork being over didn't help anything. We have created this Head and shoulders pattern and have had it do the following:
1. DAILY MACD crossed down.
2. RSI Confirmed DIVERGENCE
3. Head and shoulders pattern.
4. Broken short term up trendline
Nothing good
While it is possible that we could get another move up to this neckline, it seems unlikely that will happen. If we get a confirmed break of this $1,250 point that's bad news bears for BCH. We are going to $1,000 at least. If $1,000 breaks it will kind of be in no mans land in terms of support, we could see it fall hard. Right now BCH has been teasing this $1,250 break and even punched through it a little which isn't a good sign for a move to the upside. You want to see that support there BEFORE it hits those levels, not after. Not good.
BCH has had some good moves and people have made a lot of money, so it's worth keeping an eye on. I might have to see it fall pretty hard for me to be a buyer.
Happy Trading,
-Sherem
1. DAILY MACD crossed down.
2. RSI Confirmed DIVERGENCE
3. Head and shoulders pattern.
4. Broken short term up trendline
Nothing good
While it is possible that we could get another move up to this neckline, it seems unlikely that will happen. If we get a confirmed break of this $1,250 point that's bad news bears for BCH. We are going to $1,000 at least. If $1,000 breaks it will kind of be in no mans land in terms of support, we could see it fall hard. Right now BCH has been teasing this $1,250 break and even punched through it a little which isn't a good sign for a move to the upside. You want to see that support there BEFORE it hits those levels, not after. Not good.
BCH has had some good moves and people have made a lot of money, so it's worth keeping an eye on. I might have to see it fall pretty hard for me to be a buyer.
Happy Trading,
-Sherem
Note
Not looking good, we are going down.Note
BCH is coming back up and hitting this technical support turned resistance area from 1250-1300 area.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.