Long
Looks Like BCH/USD Is Ready To Pump Up!
Updated
First off, there is not a lot of information on the Daily Chart due to BitcoinCash being such a new coin, but now that we have a 50 Day MA to look at we can get a better picture.
First, I draw your attention to the stochastic which clearly shows a divergence in the opposite direction of price. While price was going down, the stochastic was moving up. This is a strong indicator of some follow through to the upside bringing higher prices in the near future. My only concern is that there is a small crossover and angling down at this point so we may see some short term resistance to a fast move higher, but we shall see.
Second, the Parabolic SAR has indicated an upward move has begun. These are the dots under the candles. I typically see this as an early indicator of direction change, so this is a positive. We have our first dot. I'd like to see the actual price candle close past the invisible horizontal line of the last dot in the Parabolic SAR from the opposite direction to confirm.
Third, MACD is beginning to trend up with the green line ready to cross the red (Very Close) and the histogram is about to cross over the zero line, all positive for a push up. Once this cross happens and we go above the zero line we will be getting some momentum.
The only negative I see is that the 50 day MA is clearly in a downtrend. This states that BitcoinCash will head lower in a longer time frame UNLESS we see enough movement of prices to the upside to turn that 50 around and have it trend up. This could happen down the line but we are more concerned about what we see NOW as opposed to hypothesizing and guessing. Because the 50 MA is in a downward slope, we could see a price move to $425 and then hit some resistance.
Also, I'd love to see the 9, 12 and 15 MA's cross and slope up with the 9 (Green) above the 12 and 15 (Yellow and Red respectively), not where they are now which is the opposite. Unless this does shift, the upward move will be limited.
BitcoinCash has been known lately to move opposite of BTC. BTC indicators are showing that we are in for a short term correction. See my other chart on this. Alt coins in general move in the opposite direction of BTC, so this should fuel BitcoinCash as well. It is also the reason why I didn't sell my BitcoinCash. Free alt coin to balance downward BTC moves.
I will also hold any other hard forked coins.
First, I draw your attention to the stochastic which clearly shows a divergence in the opposite direction of price. While price was going down, the stochastic was moving up. This is a strong indicator of some follow through to the upside bringing higher prices in the near future. My only concern is that there is a small crossover and angling down at this point so we may see some short term resistance to a fast move higher, but we shall see.
Second, the Parabolic SAR has indicated an upward move has begun. These are the dots under the candles. I typically see this as an early indicator of direction change, so this is a positive. We have our first dot. I'd like to see the actual price candle close past the invisible horizontal line of the last dot in the Parabolic SAR from the opposite direction to confirm.
Third, MACD is beginning to trend up with the green line ready to cross the red (Very Close) and the histogram is about to cross over the zero line, all positive for a push up. Once this cross happens and we go above the zero line we will be getting some momentum.
The only negative I see is that the 50 day MA is clearly in a downtrend. This states that BitcoinCash will head lower in a longer time frame UNLESS we see enough movement of prices to the upside to turn that 50 around and have it trend up. This could happen down the line but we are more concerned about what we see NOW as opposed to hypothesizing and guessing. Because the 50 MA is in a downward slope, we could see a price move to $425 and then hit some resistance.
Also, I'd love to see the 9, 12 and 15 MA's cross and slope up with the 9 (Green) above the 12 and 15 (Yellow and Red respectively), not where they are now which is the opposite. Unless this does shift, the upward move will be limited.
BitcoinCash has been known lately to move opposite of BTC. BTC indicators are showing that we are in for a short term correction. See my other chart on this. Alt coins in general move in the opposite direction of BTC, so this should fuel BitcoinCash as well. It is also the reason why I didn't sell my BitcoinCash. Free alt coin to balance downward BTC moves.
I will also hold any other hard forked coins.
Note
Tradingview is not showing prices on my indicators to the left of the page. Sorry for the glitchNote
Glitch fixed?
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