OH BCH! YOU ARE NEAR TO SHOOT UP FROM A PENNANT PATTERN. WHY DID YOU STOP AND GO DOWN? IS THE LINE OF REGRESSION ACTING AS RESISTANCE THAT'S WHY YOU NEVER CONTINUED? ARE YOU GOING DOWN TO FOLLOW THE CHANNEL? GIVE US SOME STRENGTH. YOU ARE VERY NEAR TO GET OUT.
Comment:
Anyway as I looked closely, I am still waiting for the break-out. If BCH will fall below 500 I think It might go up and down on the channel again. If we will still be bearish we might see 300
Comment:
Pennant. "Patterns are completed on the penetration of the upper trendline in an uptrend. the breaking of the lower trendline would signal resumption of downtrends. The breaking of those trendlines should take place on heavier volume. As usual, upside volume is more critically important than downside volume" From technical analysis book by John J Murphy.
What happens then if the breakout doesn't have heavier volume? might go down. Now it's forming like a small descending triangle
What happens then if the breakout doesn't have heavier volume? might go down. Now it's forming like a small descending triangle