dsgorthy
Long

Bitcoin Cash (BCH) Consolidation Over. Now oversold?

BITFINEX:BCHBTC   None
I'm looking at the BCHBTC charts and it's looking like the consolidation period is coming to a close. BCHBTC recently established found resistance at the 0.15 level showing that it was overbought according to the RSI and Stoch RSI shown on the chart. While BCHBTC is not showing that it is oversold on the RSI , it is showing that it's oversold on the Stoch RSI . The fact that it's approaching the right corner of our triangle paired with the BTCUSD bounce could lead to an upperward bullish breakout. What we're looking for is an upperward trend in price, an increase in trading volume and an upperward sloping RSI/Stoch RSI . I'm not seeing any movement yet, but I'll be looking for an indication over the next few days.

I'm currently long on BCHBTC because of the BTCUSD bounce and the oversold indication. Higher-cap coins will likely do well as BTCUSD continues upwards (as long as it follows previous trends.

I'd like to hear your thoughts on BCHBTC ! Where do you think it's headed after this consolidation period? Are we headed for a bull run or will the bears take it to the lower support? Please comment below, as the more input we see, the more informed we are!

*** This is not a recommendation to buy or sell, this is for educational purposes only! ***
Feb 15
Comment: We just got a sizeable bump, we're approaching the upper consolidation line!
Feb 16
Comment: Let's see how BCH treats our consolidation line, we're currently testing it now. I think we'll see some upward momentum if we see some serious volume and rise in price!
Feb 17
Comment: We're pretty flat here, not too sure which way we're headed
Feb 18
Comment: We're staying within the consolidation wedge that I drew out, we're consolidating after a downtrend line test earlier today.
Feb 19
Comment: We're still within the wedge, meaning that BCH is making up its mind. This is a sideways market and I'm not seeing any evidence that we'll move in either direction.
Feb 19
Comment: I'm a bit confused by the short-term chart here.
Feb 19
Comment: Slightly downward channel here, with several challenges of the wedge and of the channel. I'm happy that we're near the lower bound of the RSI, indicating that we're slightly closer to oversold than overbought.

Feb 20
Comment: I'm keeping my eyes on BCH for the next few hours. We're still descending but I can't tell if it's going down.

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