XECUSD turned bullish on the 1D technical outlook (RSI = 59.865, MACD = 0.000, ADX = 22.430) as it is having the strongest 1D candle since June 30th. By doing so it hit both the 1D MA50 and MA200.
However the long term pattern remains a Channel Down since more than a year and that can only change it the Rectangle that has emerged since January, prevails. We can't...
At first, it was called Bitcoin Cash ABC (BCHA), which was a fork of Bitcoin (BTC) and Bitcoin Cash (BCH). Then rebranded to eCash (XEC). Maybe the eponym similarity to Bitcoin Cash is causing this token to become popular and thus rise upward. Let's see what happens.
Here we have XECUSD, eCash, and I just want to share my opinion as to what I think will happen next.
It is easy to find a bottom/low/support;
It is easy to wait for a reversal but once the action is ongoing it is hard to know what happens next... So, what now?
The low happened 9-June, after a small recovery, rejection at EMA100 then a one day candle pushing...
XEC caught everyone by surprise when it surged 100% from 0.022 area. From thereon, it has corrected quite a bit to midline range at 0.5 FIB LEVEL -- where buyers are interested again.
HISTOGRAM HIGHER LOWS 3H
MIDLINE 0.5 FIB LEVEL BOUNCE
Initial net buying volume on 4H.
Spotted at 0.035
Safeguard capital always.
XECUSD is testing the 1W MA50 for the first time since its inception, being on the second huge bullish 1W candle in a row. The neutral 1W technicals (RSI = 52.991, MACD = 0.000, ADX = 45.264) indicate that there is significant upside potential left on this move but in order to confirm it, the 1W candle needs to close over the MA50.
Surprisingly, this is where R1...
Pretty interesting to look at eCash (XECUSD) using this index as it shows two strongly revealing and interesting sessions in the past weeks.
One happened 25-May, notice the huge long lower wick.
All the stops activated, sellers exhausted for sure.
Fast forward to present day and we have an even lower wick, yet the current session is trading GREEN.