Leaving my personal opinions of bcash at the door this looks like a possible trade forming up. First Fundamentals,
We all Know for the most part BCH and BTC tend to hedge eachother. After such an intense run last night it would make sense for it to take a breather before it honey badgers its way to 10k. Which would give Bcash a small upwards movement while BTC rewinds its energy.
Technical analyses. The one hour RSI is at the very bottom looking to bounce up.
Usually when there is a price reversal it will shoot thru both lines but must refind support on the 20 SMA(white line) to confirm upwards momentum. I circled an example of the last time it did this. It stll has room to drop on the 4 hour RSI and on the daily chart it hasent bounced off the 20 SMA. This is why We must wait for confirmation before entering this trade. If it fails to gather momentum right now then we will see it retest .16
Following trend lines it would put the target at .25 , Knowing big round numbers tend to be resistance we should play it safe and TP at .244
remember to wait for confirmation. Ill be keeping an eye out and posting updates. good luck.
*****FORGOT****** TO DRAW LOWER TREND LINE WHICH SHOWS SUPPORT AT CURRENT PRICE .169
We all Know for the most part BCH and BTC tend to hedge eachother. After such an intense run last night it would make sense for it to take a breather before it honey badgers its way to 10k. Which would give Bcash a small upwards movement while BTC rewinds its energy.
Technical analyses. The one hour RSI is at the very bottom looking to bounce up.
Usually when there is a price reversal it will shoot thru both lines but must refind support on the 20 SMA(white line) to confirm upwards momentum. I circled an example of the last time it did this. It stll has room to drop on the 4 hour RSI and on the daily chart it hasent bounced off the 20 SMA. This is why We must wait for confirmation before entering this trade. If it fails to gather momentum right now then we will see it retest .16
Following trend lines it would put the target at .25 , Knowing big round numbers tend to be resistance we should play it safe and TP at .244
remember to wait for confirmation. Ill be keeping an eye out and posting updates. good luck.
*****FORGOT****** TO DRAW LOWER TREND LINE WHICH SHOWS SUPPORT AT CURRENT PRICE .169
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Confirmation is shown better IN comparison to the dollar.
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possible uptrend until .29, Sell part at .244 and hodl to see if it rallys to .298
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This trade is very reliant of BTCS price action! If BTC fails to break previous ATH on this rebound then BCH will find the support it needs. IF BTC rallys past to 10k BCH will break thru its support and fall. Be patient! wait for confirmation ! :P
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Posted wrong photo^^^^
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moment of truth coming up
