I'm looking at the BCHBTC
charts and it's looking like the consolidation period is coming to a close. BCHBTC
recently established found resistance at the 0.15 level showing that it was overbought according to the RSI
and Stoch RSI
shown on the chart. While BCHBTC
is not showing that it is oversold on the RSI
, it is showing that it's oversold on the Stoch RSI
. The fact that it's approaching the right corner of our triangle paired with the BTCUSD
bounce could lead to an upperward bullish
breakout. What we're looking for is an upperward trend in price, an increase in trading volume
and an upperward sloping RSI/Stoch RSI
. I'm not seeing any movement yet, but I'll be looking for an indication over the next few days.
I'm currently long on BCHBTC
because of the BTCUSD
bounce and the oversold indication. Higher-cap coins will likely do well as BTCUSD
continues upwards (as long as it follows previous trends.
I'd like to hear your thoughts on BCHBTC
! Where do you think it's headed after this consolidation period? Are we headed for a bull run or will the bears take it to the lower support? Please comment below, as the more input we see, the more informed we are!
*** This is not a recommendation to buy or sell, this is for educational purposes only! ***