Hi Friends! Let's take a look at Bitcoin Cash! As you can see, on the four hour chart, BCH has been stuck in a sideways consolidation range (light grey box.) Taking a closer look at the price action inside of this range, we can see that BCH has had four failed attempts, to rally above the 50% retracement level ($2,756.) After it's most recent failed attempt, Bitcoin Cash printed a bearish engulfing candle, and fell into a bear flag formation. Also, we can see that there has been a bearish crossover on the MACD (red circle,) indicating a shift in momentum. Overall, because BCH is just trading sideways, neither the bulls nor the bears have an edge. If the bear flag breaks to the downside, look for prices to fall to the 200 EMA (in purple,) and then the bottom of the grey box. For a bullish trend to emerge, price action needs to breakout above the grey box, and get out of this trading range. I will keep you posted, as the chart develops. This has been your trusty market wizard, MPC. I'm out.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-