BIAS DISCLAIMER: I do not hold
BCH
nor do I have plans to trade it. This has not played into my opinion of the current state of
BCH
Looking mainly at the 20 day SMA and the volatility of price action things have somewhat been turned upside down. We see a huge spike in volume due to the so called bull revival, which has triggered an unsustainable wave of hot hand buying. RSI has managed to get above 80 and is still holding there.... for now.
Unless there is a confirmation on retest of the 1400-1500 supports, there will be a tumble downwards. On the way down it will likely be met with supports on a bullish projected 20 day SMA (red green cone)
For now this TA only is valid if
BTC
the leader continues it's current reversal. If the bears win out and there is downtrend of
BTC
we will see
BCH
collapse towards an all time low of < 600
Good luck trading.
BCH
nor do I have plans to trade it. This has not played into my opinion of the current state of
BCH
Looking mainly at the 20 day SMA and the volatility of price action things have somewhat been turned upside down. We see a huge spike in volume due to the so called bull revival, which has triggered an unsustainable wave of hot hand buying. RSI has managed to get above 80 and is still holding there.... for now.
Unless there is a confirmation on retest of the 1400-1500 supports, there will be a tumble downwards. On the way down it will likely be met with supports on a bullish projected 20 day SMA (red green cone)
For now this TA only is valid if
BTC
the leader continues it's current reversal. If the bears win out and there is downtrend of
BTC
we will see
BCH
collapse towards an all time low of < 600 Good luck trading.
Comment:
This still looks like it is coming back to the mean. Keep a sharp eye out for short term rises.
Trade closed: target reached:
This followed the mean projection almost exactly