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BITCOIN CASH 🔞 | Why Mom Was Right About Bitcoin Cash..⚠️ Roger Ver has given to charity, not just in real life (props to him for that) but also by holding BCH while price grinds sideways. That said, maybe Ver knows something we don't about the way BCH will move after this long and unimpressive consolidation. It isn't like Bitcoin Cash doesn't have a market cap, adoption, great news (depending on if you see this on bullish or bearish) like a new perp contract on Bitmex, or a use-case. It is just that, like Litecoin, it is one of those high caps that has been underperforming an otherwise bullish market recently. Whether BCH is about to try and break out of this pennant to the up or downside is anyone's guess. One thing is for sure, that is this price action is pretty ugly for one of the biggest large-cap cryptos in an overall bullish market. Let's take a look at some levels to see what the bears and bulls have going for them depending on the direction we move once we leave this painfully large pennant of accumulation or distribution. Support: The bulls better pray we see a reaction at the S1 orderblock and prior swing low, as this level is also at the bottom trend line of the pennant. It would be pretty absurd for BCH to breakdown after all of this without a move down from the broader market. If the bears can take BCH lower, then the bulls get one last shot to get back inside the triangle at the S2 bullish orderblock. If a move off S2 fails, or if S1 doesn't see a reaction, the last hope for the bulls is the S3 S/R flip. Given the amount of weakness seen in BCH recently, the bears might actually be able to break S3 and find news lows if they can gain sufficient momentum. Resistance: The R1 orderblock at the point of the previous breakdown is the first point of resistance. This resistance lines up with the top trend line of the pennant, so it is an obvious place to be rejected. If R1 can be broken, the bulls get a fighting chance. Above R1 is the R2 orderblock from the prior swing high. If the bulls can breach R2 without falling back down into the pennant, then the R3 bearish S/R flip becomes the last thing standing between the bulls and gaining some momentum for a new BCH bull run. Summary: When Bitcoin Cash picks a direction it tends to trend hard. Right now BCH is trending hard sideways. This is a pretty bad look for BCH given the amazing strength Bitcoin and other cryptos have shown since the COVID bottom. The one thing going for the bulls here is that BCH has a long way to catch up if and when it starts to run, so there is a path to glory if BCH bulls can leave the starting gate. With that said, it is likely the bears have this one in the bag if this price action doesn't really start to pick up... Resources: cryptopotato.com + news.bitcoin.com + www.finextra.com Hit that 👍 button to show support for the content! Help the community grow by giving us a follow 🐣
by AlphaBotSystem
4
BCHUSD Experimental Elliot Wave Setup 1 Hour I guess I'm going to start calling this the Mikeiavelli Wave since it's not exactly an Elliot wave, but really just an Elliot wave setup that is using price's distance from an exponential moving average to chart the wave instead of the literal price action of bitcoin cash/bitcoin. So I spotted something while setting up this BCH chart, and that the targets of two waves, one a sub wave, line up the 1.618 and 1.414. Funny thing is this is the same for bitcoin's chart: Not sure what to make of the confluence, I suppose in the initial wave, if the btc/bch ratio stayed the same, then the waves would have the same fib ratios, but this was over quite some time, so on jan 24th, the ratio was .036, and on the 4th of feb, the ratio was .041 So anyways very interesting, will continue to look for this harmony, and maybe check ethusd next. Original Experimental Elliot Wave: Previous Analysis:
COINBASE:BCHUSDLong
by Mikeiavelli
BCH to around 1500 a real possibility! Traces of trend reversalWeekly candle charts are more accurate than daily candle charts, monthly are better than weekly and so on and so forth. Here we are looking at the monthly. We see something very nice. We see higher lows! It looks like we are on our way to retest 517 (our previous high) If we go over 517 or rather 520 (the crowd likes nice round numbers) then according to the monthly chart we don't have much stopping us getting to the price of between 1348 & 1842. Which would be an insane price jump. Higher lows is good but not a guarantee that the we are in an upwards trend, higher high is a better indicator so we shall wait and see. With the bitcoin halving coming up I speculate we will see a nice jump over that 520 mark and then whatever happens, happens. There is a natural resistance at the 1000 mark. I'm aware of that. Can't wait to see what unfolds. As always! These are all probabilities and possibilities. Just like in holdem poker AA doesn't always win! But looking at this, I feel like I have a nice hand where Im willing gamble with it. If it doesn't pan out I take a tiny loss and live to play and wait for my next good hand. Good luck! Be smart and always protect your money at all costs! It is the most important thing you need to learn.
COINBASE:BCHUSDLong
by denopoly
Bitcoin Cash - Buy when it's cheap and sell when it's high.Hi friends, looking at the chart Bitcoin Cash price was playing in the range between two horizontal lines. And recently in med-term (4H timeframe I mean), it drew Falling wedge, and broke up finally. So what can we do at current minor signal of altseason? Binance coin finally got golden cross (50EMA, 200EMA). and the price is at the support line I think. And why I think it's cheap, is my RSI pivot support/resistance line says it's oversold, and SToch also oversold. Enjoy the trading with strict risk management. Please press like button if my analysis is helpful. Thank you guys!
BLong
by SellHope