BITSTAMP:BCHUSD started a very good bullish run in the past 14 days. If you look at the daily chart you see that the price reached resistance at 1500.00 and was rejected. We can see the yellow zone, lower point was resistance BITSTAMP:BCHUSD pushed through and will now act as a support at 1175.00 level. The price correction is in play for 2 days already. I think support at 1175.00 level will be strong enough to hold the price up. The whole market seems to be bullish and I think that it shows the real strength of bulls. Based on past days market signals, I think we should expect for further upward movement to 2000.00 level after this minor correction and if the market stays bullish.
Other option is that the BITSTAMP:BCHUSD support will not uphold the movement. If this happens, the price could drop at lower level. I think to at least 920.00 level. And from there on we will see new up movement. If 920.00 support can’t hold the market, the price could go even lower. Remember always tend to buy on supports and sell at resistances!
Please share your thoughts or tap like button if you like my idea!
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Price tried to breach resistance line, but was denied on two occasions.
Trade active
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Our way to 1950.00 level resistance is relatively easy reachable.
@negociacoes, Sure Bitcoin Cash has the potential to go that way, but there are still some obstacles on the way.
owusu1986
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Thank you for your update, but i want ask "how do we determine an over bought of a coin" and advice me on that
iglanbo1899
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@owusu1986, there are multiple indicators telling us when a currency is overbought or oversold. Specially RSI indicator is one of the most commonly used.
3.000 Easy!