BCH about to go parabolic like the other alts or back to $360?
As you can see on this daily chart, BCH is currently testing resistance at the MA 50 and the EMA 55. It is also testing support at the Ichimoku Cloud.
On the RSI you can see if the RSI goes below the green trendline then a retest of the $360 level is on the cards.
On the LMACD however it has gone below 0 and looks bearish.
Also, on this daily chart below you can see on the RSI every time it peaked above the 70 mark it was a time to build a short for when it dropped to 30 not long after piercing the 70 mark. This is shown by the purple down arrows indicating each time it went above 70 on RSI and the blue up arrow shows after this event when BCH dropped to 30 on RSI and in price on the chart. The certainty of this occurring is 100% as you can see on the chart. So, will it do it again and drop further as the RSI has not hit the 30 mark yet? I believe so if the certainty is 100% than we have to go with it.
As you can see on this weekly chart of BCH it has now tested it's support line of the MA 144 and is not far off the support level @ $361 where the 0.618 fib retrace level is.
So, I expect BCH to move further down to test the $360 area then major bounce upwards on it's way to $716. The only issue is if BTC rallies from here it will help BCH move back up. Also BCH testing the Cloud on the daily could produce a strong move upward also. On the RSI if it bounces from here and does not go below the green trendline then BCH will move up and not test $360.
Happy trading legends!
HTBB
On the RSI you can see if the RSI goes below the green trendline then a retest of the $360 level is on the cards.
On the LMACD however it has gone below 0 and looks bearish.
Also, on this daily chart below you can see on the RSI every time it peaked above the 70 mark it was a time to build a short for when it dropped to 30 not long after piercing the 70 mark. This is shown by the purple down arrows indicating each time it went above 70 on RSI and the blue up arrow shows after this event when BCH dropped to 30 on RSI and in price on the chart. The certainty of this occurring is 100% as you can see on the chart. So, will it do it again and drop further as the RSI has not hit the 30 mark yet? I believe so if the certainty is 100% than we have to go with it.
As you can see on this weekly chart of BCH it has now tested it's support line of the MA 144 and is not far off the support level @ $361 where the 0.618 fib retrace level is.
So, I expect BCH to move further down to test the $360 area then major bounce upwards on it's way to $716. The only issue is if BTC rallies from here it will help BCH move back up. Also BCH testing the Cloud on the daily could produce a strong move upward also. On the RSI if it bounces from here and does not go below the green trendline then BCH will move up and not test $360.
Happy trading legends!
HTBB
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