Short
BCH/BTC Pair Still Bearish above 0.20
Bitcoin Cash is typically used as hedge against BTC. That means when BTC takes a smal dip, BCH will rise as seen the past few days, however it recently skyrocketed exponentially with the help of market-exchange manipulation and media/news influence.
The RSI is literally out of this world and touched 125 zone 3 times indicating that it is extremely overbought, and is due for a massive correction
Tomorrow we will see BTC rise again potentially to test $17500-18200 resistance leading to BCH to correct from this excessive move to the upside.
Regardless of the Coinbase news, any altcoin above 0.2 is ridiculously overvalued short and long term since BTC will outpace it's investment return thus BCH will still remain pretty bearish.
However, if there IS support at 0.2, then it will remain in the channel indicated by the triangle until Mid-January. Nonetheless it will have to retest the 0.12-0.17 support
$BITFINEX:BCHBTC
$BITTREX:BCCBTC
The RSI is literally out of this world and touched 125 zone 3 times indicating that it is extremely overbought, and is due for a massive correction
Tomorrow we will see BTC rise again potentially to test $17500-18200 resistance leading to BCH to correct from this excessive move to the upside.
Regardless of the Coinbase news, any altcoin above 0.2 is ridiculously overvalued short and long term since BTC will outpace it's investment return thus BCH will still remain pretty bearish.
However, if there IS support at 0.2, then it will remain in the channel indicated by the triangle until Mid-January. Nonetheless it will have to retest the 0.12-0.17 support
$BITFINEX:BCHBTC
$BITTREX:BCCBTC
Trade closed: stop reached
Update: With recent trading candles, it can be seen that BCH apparently found short-term support at 0.1800. Therefore it might pump to test a new high, which will probably bounce off the resistance triangle, however if it does shoot upwards again do not buy above that line.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.