Chart data continues to show a correction wave to the downside (wave-A), but we should be nearing the bottom. We have two support zones in this USD chart as possible reversal zones. We should remember the USD chart is tethered with the BTCUSD pair, so to better anticipate price movement in the BCHUSD chart it is important to analyze the former thoroughly (please see my latest BTCUSD threads). If we can reverse at the next support zone I anticipate a nice pivot to form a new all-time high in the shorter term. ALTERNATIVE ROUTE: If the market decides to trade lower past the wave 1 support area, we may be looking at a deeper correction and at most a revisit to the max fibo level (710ish), forming a lower high that could lead us to a prolonged downturn. I anticipate the BTCUSD chart will finish a wave 4 consolidation and go on to complete a structural wave 5. This should lead BCHUSD to new highs as long as we do not hit key areas of the chart.
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There is also an alternative angle to analyze Bitcoin Cash:
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Wave 1 support incoming! Remember, chances are still good to make new ATHs by staying ABOVE this support level. Once we dip below that though, it will be hard for investors (more specifically, bots), to aim for that kind of thing.
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Final bull support has been broken, and Bitcoin Cash is now in a bear market for me. Cheers to finding the double bottom everyone!
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Its made it back to the support zone and passed the key fibo...but just. Now RSI is super overbought with bearish divergence.
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We hit the trading range support (now resistance). I think we will head back down south for a quick dip again. Spotting bullish divergence on the 4HR would tell me to go all in on this.
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I was wrong! We came back up to kiss the downtrend line. The important thing here, is that we took out the trading range resistance on the way up. I am not saying we will stay above this level from now on, though.
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We have two fibo resistances up ahead. One is the 0.618 of the bearish swing from earlier this month. But there is also the 0.382 from the entire swing down from $1000. ALso, the fact that we have this momentum on low volume indicates to me that much of the supply in the market is held in strong hands to rally up to a selling point.
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Here's an idea. For this to work, however, the downtrend, major downtrend, and the monthly key fibo level need to be taken out.
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We are back at the 470ish trading line...lets see what happens :)
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New chart
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Key fibo stopped the market for now.
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Lots of resistance ahead. I see weakness all around.
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RSI is making a selling signal at this moment
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Resting just above the fibo (purple). RSI looks like its heading south...hmmm
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We are now beyond the major downtrend line. Lets see some upward movement!
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Keep this chart in mind:
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We dipped back down below the most recent fibo support, now resistance. Above this level is bullish, and below the key fibo is bearish. Currently we are in limbo. The path of least resistance is to the downside as we have all the fibos sitting above, except one. BCH is undecided as to where it wants to go, avoiding short and long boxes like the plague. This is the sentiment cross the entire crypto world... not all is hunky dory!
Price could go to $277 and take off into another raging bull market. Below this level its hard to say what will happen.
Ugh, the whole market is struggling. And this was my favorite coin. I hope it gets it's mojo back soon :-(
Sabibaby
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KaBoom!!!
Trader6127
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@Sabibaby, :( I really liked BCH, it was free money! I'm sure it will be back soon :)
Sabibaby
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@agency, Free money is always good. You posted awhile back that this would happen this week and you were right. I just happened to get back in at 8am. I'm hoping for a big BCH move eventually, it's so much faster to transact with.