Updated
BCHBTC possible directions
We have 3 probabilities here:
1. (Green) If buying pressure is very strong, it could break the strong supply zone and go beyond it.
2. (Red) If buying pressure is weak, then we could move sideways for a bit longer until the supply zone is depleted. Staying too long on this zone would be bad.
3. (Orange) If selling pressure begins to rally, then look for BCash to move lower.
I think that traders have suddenly been buying BCash because it was at the bottom yesterday. Trading volume was also at its highest today which is unusually weird since BCash was receiving negative publicity. Still, numbers don't lie. Let's just ride along until the wheels fall off.
1. (Green) If buying pressure is very strong, it could break the strong supply zone and go beyond it.
2. (Red) If buying pressure is weak, then we could move sideways for a bit longer until the supply zone is depleted. Staying too long on this zone would be bad.
3. (Orange) If selling pressure begins to rally, then look for BCash to move lower.
I think that traders have suddenly been buying BCash because it was at the bottom yesterday. Trading volume was also at its highest today which is unusually weird since BCash was receiving negative publicity. Still, numbers don't lie. Let's just ride along until the wheels fall off.
Note
We no longer have probability 3 as an option. The current price is at a standstill. Market should decide if it should go up. But, looking at DMI, the buying pressure have subsided. We could go sideways for a bit.
Note
Looks like we're going back to support and the demand zone
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.