Sometimes one has to lay back and take a new look on the charts.
Because we want to has happened an event (or not) - but reality dosn´t follow wishes.
In this case I was clearly wrong with my analysis about BCH (cup with handle).
I cleared all my signals and drew new ones. And this gave new light on BCH trend.
I stay positive but with other arguments.
First my new fibb Retracement shows, that BCH is on 61,8% (1.236$). It seems to be a support line (1 day candles).
Second, we have another climbing line (red) comming from beginning of november (~300$). It is now at 800$ and crossing fibb level 71.8%. This could be a second support (only in the case if).
Third, we have a symmetrical triangle, pointing on fibb level 61.8% and one has to except some movements at the end of this triangle - negative or positive.
These signals don´t indicate any clear trend, neither positive nor negative. The downside risk is limited at 800$ (-38%) and the upside chance is at about 1.850$ (+40%).
After the short rise of BCH the volume fell on a minimum. One can expect rising prices with rising volume. In my opinion BCH is the better Bitcoin for the future. And this is the reason why I can wait. I think volume will come back.
MACD is falling but very slowly - perhaps to the lack of volume.
RSI is still above 50.
Personally I see more chances on the upside than risks on the downside. I hold my positions.
Because we want to has happened an event (or not) - but reality dosn´t follow wishes.
In this case I was clearly wrong with my analysis about BCH (cup with handle).
I cleared all my signals and drew new ones. And this gave new light on BCH trend.
I stay positive but with other arguments.
First my new fibb Retracement shows, that BCH is on 61,8% (1.236$). It seems to be a support line (1 day candles).
Second, we have another climbing line (red) comming from beginning of november (~300$). It is now at 800$ and crossing fibb level 71.8%. This could be a second support (only in the case if).
Third, we have a symmetrical triangle, pointing on fibb level 61.8% and one has to except some movements at the end of this triangle - negative or positive.
These signals don´t indicate any clear trend, neither positive nor negative. The downside risk is limited at 800$ (-38%) and the upside chance is at about 1.850$ (+40%).
After the short rise of BCH the volume fell on a minimum. One can expect rising prices with rising volume. In my opinion BCH is the better Bitcoin for the future. And this is the reason why I can wait. I think volume will come back.
MACD is falling but very slowly - perhaps to the lack of volume.
RSI is still above 50.
Personally I see more chances on the upside than risks on the downside. I hold my positions.