Bitcoin Cash: In-depth Breakout Analysis 1D (Jul. 26)

BINANCE:BCHBTC   Bitcoin Cash / Bitcoin
X Force Global Analysis:

Bitcoin cash (BCH) has been showing signs of reversals through a descending wedge on a downtrend. In this analysis, we take a look at Bitcoin Cash's technical evidence to assess its bullish probabilities.


- To begin with, we can notice extremely extended bullish divergences on the daily, as prices form lower lows and indicators form higher lows
- The Relative Strength Index ( RSI ) shows a steady increase over time, demonstrating increasing trend strength
- The Moving Average Convergence Divergence ( MACD ) also forms higher lows and higher highs as a sign of momentum
- The Stochastic indicator also contributes to the bullish divergence formation on the daily, adding weight to a bullish case
- Counting Elliott Waves within the descending bullish wedge , we can count Elliott triangle waves (ABCDE) leading to a breakout
- The Exponential Moving Average Ribbons are converging, looking to form a potential golden cross
- We have managed to close above the 0.5 Fibonacci retracement resistance, providing confirmation of a breakout
- Bitcoin cash has also managed to close above the Ichimoku cloud resistance for the first time in many weeks, signaling a potential long term trend reversal

What We Believe

We believe that the outlook on BCH is extremely bullish based on a plethora of technicals that point to the same direction. This could potentially be the beginning of a long term trend reversal.

Trade Safe.


wow, perfect analysis! BCHBTC is very close to QTUMBTC
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out