Minitech24
Short

Rising Wedge close to Break Out

BITFINEX:BCHUSD   None
Bitcoin is going to sink to lower levels and will pull other coins down with it, inter alia BCH due to the currently positive correlation.
If BCH isn't able to break the upper resistance of the triangle ( MACD showing bearish signs) the price will break the supporting trend line of the rising wedge and further drops are imminent.

Setting Target Points for this scenario at:
TP1 : ~1100 USD
TP2: ~ 850 USD
Comment: BCH broke through the upper resistance line. If it can hold itslelf above it, this idea is invalid.
Comment: Bearish Scenario is still intact.



As you can see in the link BCH hasn't been able hold its price above the resistance line, furthermore the volume of this rise has been rather low, MACD seems to change its momentum into the other direction, and Stoch RSI is clearly bearish. All in all BCH will now test its support and has to be observed closely for a potential break out.
Comment: All indicators are shouting bearish. Get ready for the final leg down into the buy zone (green). This will be an excellent long term opportunity.

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