BCHABC showing bullish signs
BCHABC is showing many positive signs from it's USD pair which is a very bullish sign as it seems to have bottomed in terms of it's pairing to BTC over the last several weeks. Now we are seeing some clear signs of bullishness on the weekly and daily MAs.
Monthly
What we may be seeing is a positive trendline forming on the monthly and seems to have been respected on multiple timeframes. We are seeing higher lows and higher highs which is a sign of a new trend forming. It has conquered Monthly horizontal resistance and successfully tested higher levels of resistance and turned it into support.
Weekly
BCHABC has respected the monthly positive trendline. Even when it broke below, it continuously retested the trend line as resistance before blasting through the trendline to reconquer the upper boundary.
We also see the price close above the 13 W MA which is especially bullish MA to conquer on the weekly.
What will be important in the coming weeks is retesting the 283 support area. If this line can hold as support, a continuation to higher highs should resume. If not, we shall look back to the monthly trendline to see if it can hold up as a last line of support.
Daily
We have seen a successful break and close above the 100 D MA and successfully retested it as support. It seems that this has been the most reliable bullish indicator on the daily and we can assume with a high probability we are now in the early stages of a BCHABC bull market or relief rally.
Closing Remark
We are seeing strong bullish sentiment on the Monthly, Weekly, and Daily timeframes. This type of sentiment is also backed by bullish sentiment in the TOTAL2 CAP (Alt Coin Market Cap) charts as well. Breaking below the 283 area and especially the monthly trendline would force us to reevaluate our analysis on BCHABC. Overall, I am very bullish on many Alts and BTC is showing signs of getting ready for the next leg. It may be possible we have seen the local bottom for BTC.
Monthly
What we may be seeing is a positive trendline forming on the monthly and seems to have been respected on multiple timeframes. We are seeing higher lows and higher highs which is a sign of a new trend forming. It has conquered Monthly horizontal resistance and successfully tested higher levels of resistance and turned it into support.
Weekly
BCHABC has respected the monthly positive trendline. Even when it broke below, it continuously retested the trend line as resistance before blasting through the trendline to reconquer the upper boundary.
We also see the price close above the 13 W MA which is especially bullish MA to conquer on the weekly.
What will be important in the coming weeks is retesting the 283 support area. If this line can hold as support, a continuation to higher highs should resume. If not, we shall look back to the monthly trendline to see if it can hold up as a last line of support.
Daily
We have seen a successful break and close above the 100 D MA and successfully retested it as support. It seems that this has been the most reliable bullish indicator on the daily and we can assume with a high probability we are now in the early stages of a BCHABC bull market or relief rally.
Closing Remark
We are seeing strong bullish sentiment on the Monthly, Weekly, and Daily timeframes. This type of sentiment is also backed by bullish sentiment in the TOTAL2 CAP (Alt Coin Market Cap) charts as well. Breaking below the 283 area and especially the monthly trendline would force us to reevaluate our analysis on BCHABC. Overall, I am very bullish on many Alts and BTC is showing signs of getting ready for the next leg. It may be possible we have seen the local bottom for BTC.
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