Here's another crypto asset that really has my attention right now — BCH. You can see here on the three day chart that there are a couple of interesting things happening.
1. There is a three day golden cross that just occurred. 2. Price is holding resistance below the 50 and 200 three day moving averages.
Another thing that I think is potentially a good thing, is that BCH is lagging substantially to other assets like BTC. BTC has produced a strong upside move from the March trough. However, BCH hasn't moved to the upside that much. So, if BTC breaks out above it's upside resistance, and especially if it challenges 14000, we could see a sharp rise in BCH as it tries to catch up. Investors are likely to jump into BCH as a laggard play to BTC. I will find BCH particularly attractive if it can get above the 50 and 200 moving averages here on the three day chart.
Finally, we can see that BCH is in a very clear symmetrical triangle. BCH is currently holding support on the bottom of the triangle, which is a good sign for the bulls. However, it's still contending with overhead resistance. There is a 100% upside gain potential for BCH to simply RETEST the top of the symmetrical triangle. So, that's just shows the laggard potential that exists here. The first step was to hold support on the bottom of the formation. That has happened. Now, we need to see BCH get above that overhead resistance at the 50 and 200 moving averages. If that happens, BCH could be off to the races.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
The only problem is BCH is a shitcoin & everyone knows it 🤷♂️
mastershark
⋅
hello magic , can you share your idea about bitcoin ccash ?
awediebra774
⋅
golden cross is when 50cross200 on 1D.
awediebra774
⋅
@awediebra774, check 4hr chart big bearish divergence
akekilli
⋅
☝🏻up💯
crow1980
⋅
BCH also already went through it’s halving prior to btc so miners left earlier to catch btc profits. Since both halving was occurred - chances higher folks come back here soonish
CryptoCheck-
⋅
Where to Buy XRP is EASY and Obvious -- DONT MISS THIS