jpbrown1023

BCH - Bitcoin Cash and trend lines

BITFINEX:BCHBTC   None
Looking at the daily chart, you can see that BCH price reversals are initiated by hitting trend lines. A hit on a solid yellow trend line causes the price to go up, while a dotted trend line or the top solid blue resistance line pushes the price back down. Where will the next trend line be? We'll see. We have a falling wedge (bullish) inside a massive pennant. With pennants, the price can go up or down, so we will have to wait for a breakout to confirm. The pennant pattern would complete before the wedge, so even if the pennant breaks to the downside, we will have nearly completed the falling wedge pattern which normally results in a breakout to the upside.
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