Bitcoin Cash BCH H&S and Bullish Wedge
BCH' has been moving a lot the past weeks with high volume moves. It already made a 50% correction since the rally from the low 2 weeks ago. At the moment the long term bottom formation is still in play. For the big inverse H&S on the left, we need to stay above the 500. Otherwise we will drop towards that blue circled line again. On the short term there is a chance for another smaller inverse H&S, but needs to stay above the 530ish. But do know, this type of H&S at this position is unreliable, they tend to fail many times.
There is positive note, it broke that downwards channel today and it made a strong move up with high volume, so there is chance for bullish development. It's just that Bitcoin' has weakened a lot the past days and Tether' has been dropping a lot as well the past days, increasing uncertainty in the crypto market again. For the big inverse H&S to play out, we need strong moves upwards, we can see corrections in the mean time, but the moves up have to be strong and with volume. If that happens, there is chance for it to succeed.
Momentum in crypto market is still bad and has been for months now. But like BCH' there are some big factors in favor for bullish moves:
- The big wedge (check previous analysis)
- Higher low and higher high since September
BCH' just needs to break the 650ish, which has been a very tough nut to crack the past months.
Read my previous analysis to understand the whole game plan better. Always keep track of my Bitcoin' analysis because i update there much more about the market conditions. Sometimes giving warning signals or bullish signals.
Please don't forget to like if you appreciate this :)
Previous analysis:
There is positive note, it broke that downwards channel today and it made a strong move up with high volume, so there is chance for bullish development. It's just that Bitcoin' has weakened a lot the past days and Tether' has been dropping a lot as well the past days, increasing uncertainty in the crypto market again. For the big inverse H&S to play out, we need strong moves upwards, we can see corrections in the mean time, but the moves up have to be strong and with volume. If that happens, there is chance for it to succeed.
Momentum in crypto market is still bad and has been for months now. But like BCH' there are some big factors in favor for bullish moves:
- The big wedge (check previous analysis)
- Higher low and higher high since September
BCH' just needs to break the 650ish, which has been a very tough nut to crack the past months.
Read my previous analysis to understand the whole game plan better. Always keep track of my Bitcoin' analysis because i update there much more about the market conditions. Sometimes giving warning signals or bullish signals.
Please don't forget to like if you appreciate this :)
Previous analysis:
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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.