BCH has been pushing the red line and really accelerating its gains the past week. If we don't see these gains start to slow down, we could see a backflip with a banana like curvature signalling that we're going to stall like a plane that just didn't have the juice. BCH could be mooning soon, but if it does it too soon, it's going to face a major correction.
If we follow my yellow lines, we have a more sustained growth without turning our hammers into grave stones.
If we follow the red lines, we are certain to banana curve and then backflip and we'll need to get a substantial BTFD backing in order to prevent a retrace to 900 or even BART back down even lower.
RVI (+) is nearing a high for the week, and if it doesn't retrace to the sweet spot and start a new slow ascent, we're in trouble. Volume has been great this week, but if it trails, we could see sub optimal RVI and VI(+).
If we follow my yellow lines, we have a more sustained growth without turning our hammers into grave stones.
If we follow the red lines, we are certain to banana curve and then backflip and we'll need to get a substantial BTFD backing in order to prevent a retrace to 900 or even BART back down even lower.
RVI (+) is nearing a high for the week, and if it doesn't retrace to the sweet spot and start a new slow ascent, we're in trouble. Volume has been great this week, but if it trails, we could see sub optimal RVI and VI(+).
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Again, not a prof. adviser, just a hobby. Trade at own risk.
