Bitcoin Cash — A Bitcoin Analogy? (BCH)
Updated
Hey crypto friends. I was following MagicPoopCannon 's analysis over at
BTCUSD and I thought I'll try something similar for BITFINEX:BCHUSD (credit to whom credit belongs). For BCH it looks like we are currently experiencing resistance at the neckline of the inverse head & shoulders pattern. But BCH seems to have completed the right shoulder faster than his brother BTC. So observing closely what is happening in the next hours and days. Do we have a breakout and can we reach the inverse head & shoulders target? Curious about your views and comments. Forgive me any inaccuracies. This is the first idea I'm publishing. =)*** The information provided here is no recommendation to buy or sell. It's just an idea for educational and discussion purposes. ***
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It looks like another inverse head & shoulders pattern has finished forming within the right shoulder that has a bull flag attached to it (1H chart). But $1300 seems to be a hard resistance line to break.
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Another inverse head & shoulders pattern seems to be forming on the 1H chart. A dragonfly doji candle is visible in the 1H and 4H chart as well (bullish signal). For the 1H chart this would confirm the forming of the inverse head in the new pattern. The neckline of the new IH&S formation finishes at $1310. Let's wait and see whether BCH can finally master this level of resistance.
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It looks like BTC is retesting its support at $10850. This pulls down BCH as well. If that support is tested successfully and BTC continues completing its right should of the IH&S pattern, we should see BCH back on track as well. Let's further observe.Note
Looks like XMR is already exploding. Would be eager to see the same happening to BCH. =) The nice inverse right shoulder got destroyed by its big brother BTC. But BCH is fighting well. Let’s further observe price action.Note
Update:
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