Updated
BCH - An Oversold Analysis
BIAS DISCLAIMER: I do not hold 
BCH nor do I have plans to trade it. This has not played into my opinion of the current state of BCH
Looking mainly at the 20 day SMA and the volatility of price action things have somewhat been turned upside down. We see a huge spike in volume due to the so called bull revival, which has triggered an unsustainable wave of hot hand buying. RSI has managed to get above 80 and is still holding there.... for now.
Unless there is a confirmation on retest of the 1400-1500 supports, there will be a tumble downwards. On the way down it will likely be met with supports on a bullish projected 20 day SMA (red green cone)
For now this TA only is valid if
BTC the leader continues it's current reversal. If the bears win out and there is downtrend of BTC we will see BCH collapse towards an all time low of < 600
Good luck trading.
BCH nor do I have plans to trade it. This has not played into my opinion of the current state of BCHLooking mainly at the 20 day SMA and the volatility of price action things have somewhat been turned upside down. We see a huge spike in volume due to the so called bull revival, which has triggered an unsustainable wave of hot hand buying. RSI has managed to get above 80 and is still holding there.... for now.
Unless there is a confirmation on retest of the 1400-1500 supports, there will be a tumble downwards. On the way down it will likely be met with supports on a bullish projected 20 day SMA (red green cone)
For now this TA only is valid if
BTC the leader continues it's current reversal. If the bears win out and there is downtrend of BTC we will see BCH collapse towards an all time low of < 600Good luck trading.
Note
This still looks like it is coming back to the mean. Keep a sharp eye out for short term rises.Trade closed: target reached
This followed the mean projection almost exactly
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.
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.