BCH 1W. Thinly traded = BIG moves. Published 4/8/19
BCH weekly RSI is at 50. This is lower than LTC (68) and BTC (57) so, surprisingly, BCH has more room to run. This being said, BCH had one of the largest moves of the top 5 market cap crypto. BCH 108%, LTC 65%, BTC 32%, ETH 29%. These are interesting numbers in themselves but they indicate BCH and LTC ran the hardest, and they have the biggest loss potential if the entire space declines or consolidates. RSI being the lowest on BCH says that it did not take as buying pressure to move this price and I assume it would not take as much selling pressure to drop it either.
I want to quickly touch on the green boxes on my chart. The big green box we are currently in is a price gap from the BCH/BSV contentious hard fork. Gaps tend to fill quickly in stocks so I have been watching this area for a potential gap fill and then a gap fill reversal. I am not all that experienced with these types of situations but I have been studying them.
The second smaller green box is where I see our extreme pullback potential. This area has seen a lot of price actions so if we get a bear volume spike there is a chance we could come all the way back between 168.64 and 153 which is tough to even consider when looking at shorter term time frames and a current price of 309.
Lastly we have the 50 week MA coming down to greet us; potentially at the top of our price gap.
Take always: BCH is a wild one. It is thinly traded and your risk reward is going to be greater. We are in somewhat uncharted territory price wise but RSI shows room to run on the weekly and we have less resistance then support at the current price level on most exchanges.
I want to quickly touch on the green boxes on my chart. The big green box we are currently in is a price gap from the BCH/BSV contentious hard fork. Gaps tend to fill quickly in stocks so I have been watching this area for a potential gap fill and then a gap fill reversal. I am not all that experienced with these types of situations but I have been studying them.
The second smaller green box is where I see our extreme pullback potential. This area has seen a lot of price actions so if we get a bear volume spike there is a chance we could come all the way back between 168.64 and 153 which is tough to even consider when looking at shorter term time frames and a current price of 309.
Lastly we have the 50 week MA coming down to greet us; potentially at the top of our price gap.
Take always: BCH is a wild one. It is thinly traded and your risk reward is going to be greater. We are in somewhat uncharted territory price wise but RSI shows room to run on the weekly and we have less resistance then support at the current price level on most exchanges.
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.