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Just as everyone stopped talking about it and the focus is on bank controlled XRP + useless shit tokens... Bitcoin Cash covertly approaches the end of consolidation. Bollinger bands are tight and we are at the end of a symmetrical triangle formation.
Watch for an increase in volume when it breaks out, to confirm the move.
Watch for an increase in volume when it breaks out, to confirm the move.
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$BCHBTC just bounced off some support - if it can clear the blue zone marked by square box; we will see some serious upside on $BCHUSD.
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$BCHBTC update
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BCHUSD support broke down, with the fall on BTC and the entire crypto market.
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BCHUSD breaking down. Target at the 1800 area.
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This idea is still in play. Adjusted TA due to numerous shakeouts. Have a look at the nice volume starting to come through.
We are breaking out of that symmetrical triangle. On the daily chart, we are also back above the 20-DMA. I expect the "white space" between the 20-DMA and the upper Bollinger Band to get filled. First objective = $3352.
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@mike21ap, Yes, looks like it, but I think we should give it a bit more time to say for sure.
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@Unterhashing, maybe, the issue is ultimately volume, its too low. Not sure how that will change. Today I noticed for the first time lack of liquidity when I was trying to buy, noone was selling even though bid and ask were the same. Odd.
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@mike21ap, Interesting. I look at the BTC/BCH a bit more closely than BCH/USD and have noticed the same pattern repeat over multiple time frames (30-minute, 1-hour, 6-hour, daily etc.): a spike higher on very strong volume, followed by a long retrace on lower volume. This indicates to me that BCH is under accumulation. It's also typical of bull markets. Markets always make it very difficult to make money. In a bull market, you make money by buying or holding. The spikes higher make it very difficult to time for a trader, and the long retraces make it very difficult/frustrating to hold for a buy-and-hold investor. I'm buy-and-hold and have had to exercise patience. I still think that will be greatly rewarded.
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Bitcoin Cash forming bullish candle against BTC on the day chart but prob just short-term. In general holding its dollar price really well against BTC uptrend and shows fast recovery. We have to be patient guys, could take some week(s) until we see some truly major moves here.
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I really simple chart, showing just price and the 5-week moving average which is both rising (indicating a bullish trend) and seems to be providing support:
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