This is a Fibonacci retracement of Bitcoin Cash's recent ABC fork, aka Bitcoin Cash .
This fib is the entire life of this half of the catastrophic half-scam, half-gamble that was the BCH fork.
Heiken Ashi candles to cut out the noise: Even though it is seeing more exchange listings, (Gemini recently announced for instance) market is nowhere near thicc enough to worry about missing out on the price action nuances of raw candlesticks. Especially with such an, um....heroic reputation to live up to: As the #1 Dominant Alpha of nosediving-so-hard-a-monopolized-industry-worth-billions-of-dollars-is-at-the-cusp-of-splintering-into-bits BCH has a duty to disappoint anyone expecting any hint of BTC parity.
Anyway, this is some simple TA using a fib retracement flipped to the bearish side and candles to match. Heiken Ashi candles are great for markets in strong trends in part because they reliably point out periods of indecision, which often lead to volatility and an opening for a reversal. With or without Fibonacci overlays or even volume to consider, the math behind HA candles reliably displays trend momentum.
While BCH has maintained a similar correlative relationship to BTC as it had before the fork, it's still at a massive low from its ATH. Things could go lower for Bitcoin, and even though BCH is in the unexplored depth of its own upper colon it too could find itself as a "double digit shitcoin" for a while. Not financial advice.
This fib is the entire life of this half of the catastrophic half-scam, half-gamble that was the BCH fork.
Heiken Ashi candles to cut out the noise: Even though it is seeing more exchange listings, (Gemini recently announced for instance) market is nowhere near thicc enough to worry about missing out on the price action nuances of raw candlesticks. Especially with such an, um....heroic reputation to live up to: As the #1 Dominant Alpha of nosediving-so-hard-a-monopolized-industry-worth-billions-of-dollars-is-at-the-cusp-of-splintering-into-bits BCH has a duty to disappoint anyone expecting any hint of BTC parity.
Anyway, this is some simple TA using a fib retracement flipped to the bearish side and candles to match. Heiken Ashi candles are great for markets in strong trends in part because they reliably point out periods of indecision, which often lead to volatility and an opening for a reversal. With or without Fibonacci overlays or even volume to consider, the math behind HA candles reliably displays trend momentum.
While BCH has maintained a similar correlative relationship to BTC as it had before the fork, it's still at a massive low from its ATH. Things could go lower for Bitcoin, and even though BCH is in the unexplored depth of its own upper colon it too could find itself as a "double digit shitcoin" for a while. Not financial advice.