jpbrown1023

BCH - Hitting all-time lows and support. Time for a bounce?

KRAKEN:BCHBTC   Bitcoin Cash / Bitcoin
Before I begin, I would like to preface that this is not a trading market with Bitcoin as bearish as it has been. As such, BCH will likely continue to be be negatively affected if Bitcoin continues its descent. However, BCH appears to be hitting several support levels all at once. First support line comes from the falling wedge that BCH has been in since this time last year. Currently, the price is approaching the bottom support trend of the wedge as well as hitting the all-time low. The Stoch RSI and RSI are indicating oversold levels. Bullish divergence can also be seen on the daily. The MACD has also broken the zeroline. History has shown that practically every major BCH run has occurred when the MACD breaks the zeroline. We may be in for a short-term bump to the upper boundary of the wedge at around .08. A breakout beyond this resistance level could be a very bullish indicator. But I cannot stress enough that this is Bitcoin's show at the moment. I would be watching for indications of reversal in the price action, not just the indicators.
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