You can hate on Bitcoin Cash all you want, but Bitcoin Cash has outperformed all of the other cryptos by far. it took just 2 WEEKS for it to DOUBLE. 2 BLOODY WEEKS! What is really tricky about this is identifying a trading opportunity, which right now I don't see any. I do think it's a good time to take some profit. You could risk shorting it as the charts indicate we are in oversold territory by a couple factors:
1. RSI in oversold territory
2. Hitting a resistance zone.
BUT, a lot of people are just arbitrarily converting there BTC into BCH which has driven it up a TON and has kept MACD looking really good. Which is why I am not going to risk shorting it. I want to throw this out there to make sure people keep it on your radar as it made a lot of people a lot of money, and it's worth notating. We'll want to watch what happens if it pulls back and what it does at this $1,000 support zone/fib zone we have here.
Happy Trading,
-Sherem
1. RSI in oversold territory
2. Hitting a resistance zone.
BUT, a lot of people are just arbitrarily converting there BTC into BCH which has driven it up a TON and has kept MACD looking really good. Which is why I am not going to risk shorting it. I want to throw this out there to make sure people keep it on your radar as it made a lot of people a lot of money, and it's worth notating. We'll want to watch what happens if it pulls back and what it does at this $1,000 support zone/fib zone we have here.
Happy Trading,
-Sherem
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and as always please smash that like button if this helped