BCH has been in a major downward channel since 2018 and whenever it hits the channel (Blue and green channels both) tops or bottoms, there is a sell off or good support for a buy.
Before the fork, the price went above the green channel for the first time (decisively) since April and the price zoomed to the blue channel top at $650 and got hit by major resistance. After the fork, the price crashed suddenly with a major capitulation volume to hit the lower end of the blue channel ($147) and got support there.
Following the trend for the last 10 months, the price is bound to go back to the median line and maybe beyond it in the short to medium term
We also have confluence from Elliott Wave perspective
Following the 1-5 wave cycle which ended at $4000 in December, we usually have ABC correction waves where A & C waves have 5 subwaves in them. The count appears to show that ABC appear to be done which means that we are close or at the bottom of this bear cycle for BCH at least
Reference:- d.stockcharts.com/sc...cs/ewb-05-thewup.png
I would set a stop loss at $150, otherwise BCH is now one of the most undervalued assets in the large cap Cryptos.
Stay Safe!
Here is another chart where volume, RSI and 50 Day EMA also support our theory
Before the fork, the price went above the green channel for the first time (decisively) since April and the price zoomed to the blue channel top at $650 and got hit by major resistance. After the fork, the price crashed suddenly with a major capitulation volume to hit the lower end of the blue channel ($147) and got support there.
Following the trend for the last 10 months, the price is bound to go back to the median line and maybe beyond it in the short to medium term
We also have confluence from Elliott Wave perspective
Following the 1-5 wave cycle which ended at $4000 in December, we usually have ABC correction waves where A & C waves have 5 subwaves in them. The count appears to show that ABC appear to be done which means that we are close or at the bottom of this bear cycle for BCH at least
Reference:- d.stockcharts.com/sc...cs/ewb-05-thewup.png
I would set a stop loss at $150, otherwise BCH is now one of the most undervalued assets in the large cap Cryptos.
Stay Safe!
Here is another chart where volume, RSI and 50 Day EMA also support our theory
Comment:
We got support (green arrow) again from the bottom of the blue channel
Comment:
We have an All-Time-Low so technicals are broken, need to assess where the bottom is and then start looking at charts for BCH
