✴️ Bitcoin Cash Looks Better, Better; Moved First!

The first data point to mind is that Bitcoin Cash moved first.
Yes, it bottomed just as the rest of the market before mid-June but the bullish wave that ensued was many times stronger than the rest of the Altcoins.

While Bitcoin Cash entered its bullish consolidation phase, many Altcoins followed and started to do the same (break bullish) but, not as strong as this pair.

Now, Bitcoin Cash is looking good again and almost ready to move up.
If it does, it gives us one of the greatest signal that the Altcoins market as a whole is ready to grow.


Bitcoin Cash Technical Analysis

• We have a nice, classic, perfect falling wedge pattern already breaking bullish.
  
• Just notice the volume! Can you see it? How low it goes after BCHUSDT peaked. This tells us that this is not a bearish move nor strong correction, rather bullish consolidation before additional growth.
  
• Trading above all the moving averages we list (EMA10/21/50/100/200/300 & MA200).
  
• MACD bullish, RSI and all the rest.
  

While things can change, another important data point is the fact that the bounce happened before hitting 0.5 Fib. (retracement). This means that the bulls are strong/bears are weak.

If bears were stronger the drop would wick below this or other Fib. retracement levels. The fact that it reverses before hitting the level is a signal of strength.

Now, will the correction become extended?
Are we set for many more weeks of consolidation?

I don't think so.
The market will go quiet until people are bored and gone.
I don't see anybody around and thus, it is time to go up!

This is my current view of the market and this chart.
This is not financial advice.

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Namaste.

评论:

I take the shakeout as a positive signal and one that confirms the fact that the market is about to move.

There are always sudden, strong, major shakeouts before a continuation takes place.