I was expecting a bounce for BCH at 586 so Im surprised to see the MACD heading south and BCH forming the head and shoulders. The target drop for the head and shoulders is 543 - The BTC chart will need to be double checked for confirmation because if BCH is going to 543 then BTC would also have to be going lower than 37498 on this graph below - which I dont think it is .
so whats all this mean ? -------------------------------------------- it means either BTC is going to bounce here at the 38500 area and so is BCH or they are in for a much lower leg down - which I dont think is correct.
Im going to double check the BTC and BCH graphs for confirmation,
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Double checking the BTC graph - it sure does look like BTC is going to drop to 37400
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The MACD is also heading south and BTC has dropped below the MA150 support (red line ) . The channel wall and the MA200 (blue line) are at the 37400 zone
Order cancelled
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This is invalidated as BCH went past the right shoulder.