Hey crypto friends. I was following @MagicPoopCannon 's analysis over at
*** The information provided here is no recommendation to buy or sell. It's just an idea for educational and discussion purposes. ***
Comment:
Another inverse head & shoulders pattern seems to be forming on the 1H chart. A dragonfly doji candle is visible in the 1H and 4H chart as well (bullish signal). For the 1H chart this would confirm the forming of the inverse head in the new pattern. The neckline of the new IH&S formation finishes at $1310. Let's wait and see whether BCH can finally master this level of resistance.
Another inverse head & shoulders pattern seems to be forming on the 1H chart. A dragonfly doji candle is visible in the 1H and 4H chart as well (bullish signal). For the 1H chart this would confirm the forming of the inverse head in the new pattern. The neckline of the new IH&S formation finishes at $1310. Let's wait and see whether BCH can finally master this level of resistance.
Comment:
It looks like BTC is retesting its support at $10850. This pulls down BCH as well. If that support is tested successfully and BTC continues completing its right should of the IH&S pattern, we should see BCH back on track as well. Let's further observe.
Comment:
Looks like XMR is already exploding. Would be eager to see the same happening to BCH. =) The nice inverse right shoulder got destroyed by its big brother BTC. But BCH is fighting well. Let’s further observe price action.
Comment:
Update:
It looks like another inverse head & shoulders pattern has finished forming within the right shoulder that has a bull flag attached to it (1H chart). But $1300 seems to be a hard resistance line to break.