BCHABC - Daily MACD has me watching Bitcoin Cash very closely
I couldn't help but get a little giddy after looking at BCH's daily MACD this morning. So I gave the chart a closer look and here is what I found. (**I'm using the BCHXBT chart from Kraken for a more complete price history.)
DOWNSIDE ARGUMENT
BCH has this repeating fractal after a large pump which it has completed five times before. The current price action is following this pattern exactly. If history were to repeat itself, we should see a reversal at resistance around the .055 area and the daily MACD would likely retest support along the solid green trend, which would send the price crashing. There is overhead resistance on the chart and the zero-line is overhead resistance on the MACD. These make me pause.
UPSIDE ARGUMENT
The daily MACD looks to be beautifully positioned for a big move. If it can break that zero-line, I think the price will really jump. You can see support along dotted green trend on the MACD. Another thing I noticed is the last fractal never really completed or it never dipped below the second lower low. Could this be an indication of a turning point? I do not know.
I like the progression I see with BCH, but there are still some variables that need to come to fruition before I get on board. The potential is definitely there. We should have confirmation soon so stay tuned.
DOWNSIDE ARGUMENT
BCH has this repeating fractal after a large pump which it has completed five times before. The current price action is following this pattern exactly. If history were to repeat itself, we should see a reversal at resistance around the .055 area and the daily MACD would likely retest support along the solid green trend, which would send the price crashing. There is overhead resistance on the chart and the zero-line is overhead resistance on the MACD. These make me pause.
UPSIDE ARGUMENT
The daily MACD looks to be beautifully positioned for a big move. If it can break that zero-line, I think the price will really jump. You can see support along dotted green trend on the MACD. Another thing I noticed is the last fractal never really completed or it never dipped below the second lower low. Could this be an indication of a turning point? I do not know.
I like the progression I see with BCH, but there are still some variables that need to come to fruition before I get on board. The potential is definitely there. We should have confirmation soon so stay tuned.