BCH In Depth 4/22/19: BCHABC IS FIRE
Updated
Hello,
Trader Noxtreme back with your BCH weekly in depth analysis. Please like, subscribe and comment. I’m trying to shorten these up a bit so let’s get right to it.
Weekly – A bit of a gray area.
RSI has cooled off very little after the April run up but we were not NEARLY as overextended as other top market cap coins. RSI is currently sitting at 49 which is just 2 points from its ATH for coin base data. Not sure if that is saying much but it’s worth noting. We have an interesting formation that could be a steep ascending channel, a bull flag with a near symmetrical flag or even a bull flag with a descending triangle flag if you ignore BCHs giant wicks. I am honestly leaning towards the steep ascending channel because of the RSI and the MacD which both give the impression this has a lot of room to run and we are gaining bullish momentum even though we just experience a week of healthy sideways action to form a new base of support at the 290. This being said we are just UNDER the center line of the support we built so this could quickly flip to becoming resistance if we drop back into the gray range. We are at a decision point with a fresh indecision doji on the weekly. Hopefully our sorter term time frames will provide some clues as to if we stay in our ascending channel or break into our gray area.
Daily – Bears in the bushes. Or is that Craig?
I have been watching a very interesting pattern play out on the daily for the last week where we are basically flipping from descending to ascending triangles on a central region from $289.76 to $297.17. Fantastic volatility for short term trades. The smaller triangles are contained in a larger ascending triangle bull flag which is the one pattern not visible on the weekly lol. It’s like a zipper almost. In any case, this center range is becoming a very clear support and resistance area that we should note for the future depending on which way we go (purple box is the range). We have a declining RSI at 59 and a bearish MacD which curiously made the bearish cross on April 13th right before we had a 29% run up that resulted in a rejection from the top of our ascending triangle but did not cross the MacD back to bullish. I’ve got to stick with what I see here: that pattern we have seen in terms of price action indicates we will retest the top of our larger ascending triangle but that MacD and RSI appear to be bears ready to ambush from the bushes and take us down into our gray area (box with yellow outline). We have less support then resistance in close proximity but the green background you see in the top of the chart is our gap from the BSV hard fork, this gap extends all the way into the mid 380s and now with BSV being delisted it stands to reason that some of that money is likely ready to come back. TA says bear lean with potentially unexpected bear attack but gut is conflicted. Moving on!
4 hour – BCH IS FIRE.
The zipper pattern is just so perfect! Looking at the 4 hr we are perfectly positioned for a last test and potentially break the top of our larger ascending triangle assuming we get through the center line of the zipper again. RSI at 47, MacD looking to make a bullish cross, 12, 26, 50 MA squeezed together and looking to re-cross with a bullish move. BUT, we also have the 200MA coming up right to the 243 support I have been mentioning in my previous in depth analysis. This would be an ideal bear target at the moment. 15% to the downside and if that support breaks; wow you would be looking at 37 to 42%. However, if we break bullish, fill the rest of this gap and confirm our bull flag; that is 42%. BCH is FIRE for trading.
1 hour – Ride the Zipper ;)
GEEZ! Yeh I am keeping eyes on this one as much as possible! We have the 12, 26, 50 ma crossing the 200 bearish but now price moving back up to cross bullish. The MAs are squeezing like I said but I wanted to see it on the 4 hr. We have RSI at 53which has basically been our breakout point for this entire “Zipper” pattern. We have a MacD that appears to be rejecting a bear cross. We have a price action pattern that is screaming “time to go up.” I know I sound a bit excited by this point but it is because of how bullish these short term time frames look and how big the ranges are. We must remember the bears we found hiding in the bushes on the 4hr though.
If we break through our center area and continue up to test the top of our triangle that is about 12.5%. If we break through that. It could be as much as 40.
Let’s be real though. Other large cap coins are not showing near term breakouts like this and BCH did not start its run until a few hours AFTER LTC and BTC during the April 2nd run. This looks really good to me but I’m going to go get lunch and take a walk before make any decision here.
Alright, trying to save some time this week so hopefully I didn’t miss anything. PLEASE tell me if I did or if you have a different outlook. I want to team up with a group of traders this year and crush it.
Like and subscribe if you want to support the dream. Comment because you can ;)
Trader Noxtreme back with your BCH weekly in depth analysis. Please like, subscribe and comment. I’m trying to shorten these up a bit so let’s get right to it.
Weekly – A bit of a gray area.
RSI has cooled off very little after the April run up but we were not NEARLY as overextended as other top market cap coins. RSI is currently sitting at 49 which is just 2 points from its ATH for coin base data. Not sure if that is saying much but it’s worth noting. We have an interesting formation that could be a steep ascending channel, a bull flag with a near symmetrical flag or even a bull flag with a descending triangle flag if you ignore BCHs giant wicks. I am honestly leaning towards the steep ascending channel because of the RSI and the MacD which both give the impression this has a lot of room to run and we are gaining bullish momentum even though we just experience a week of healthy sideways action to form a new base of support at the 290. This being said we are just UNDER the center line of the support we built so this could quickly flip to becoming resistance if we drop back into the gray range. We are at a decision point with a fresh indecision doji on the weekly. Hopefully our sorter term time frames will provide some clues as to if we stay in our ascending channel or break into our gray area.
Daily – Bears in the bushes. Or is that Craig?
I have been watching a very interesting pattern play out on the daily for the last week where we are basically flipping from descending to ascending triangles on a central region from $289.76 to $297.17. Fantastic volatility for short term trades. The smaller triangles are contained in a larger ascending triangle bull flag which is the one pattern not visible on the weekly lol. It’s like a zipper almost. In any case, this center range is becoming a very clear support and resistance area that we should note for the future depending on which way we go (purple box is the range). We have a declining RSI at 59 and a bearish MacD which curiously made the bearish cross on April 13th right before we had a 29% run up that resulted in a rejection from the top of our ascending triangle but did not cross the MacD back to bullish. I’ve got to stick with what I see here: that pattern we have seen in terms of price action indicates we will retest the top of our larger ascending triangle but that MacD and RSI appear to be bears ready to ambush from the bushes and take us down into our gray area (box with yellow outline). We have less support then resistance in close proximity but the green background you see in the top of the chart is our gap from the BSV hard fork, this gap extends all the way into the mid 380s and now with BSV being delisted it stands to reason that some of that money is likely ready to come back. TA says bear lean with potentially unexpected bear attack but gut is conflicted. Moving on!
4 hour – BCH IS FIRE.
The zipper pattern is just so perfect! Looking at the 4 hr we are perfectly positioned for a last test and potentially break the top of our larger ascending triangle assuming we get through the center line of the zipper again. RSI at 47, MacD looking to make a bullish cross, 12, 26, 50 MA squeezed together and looking to re-cross with a bullish move. BUT, we also have the 200MA coming up right to the 243 support I have been mentioning in my previous in depth analysis. This would be an ideal bear target at the moment. 15% to the downside and if that support breaks; wow you would be looking at 37 to 42%. However, if we break bullish, fill the rest of this gap and confirm our bull flag; that is 42%. BCH is FIRE for trading.
1 hour – Ride the Zipper ;)
GEEZ! Yeh I am keeping eyes on this one as much as possible! We have the 12, 26, 50 ma crossing the 200 bearish but now price moving back up to cross bullish. The MAs are squeezing like I said but I wanted to see it on the 4 hr. We have RSI at 53which has basically been our breakout point for this entire “Zipper” pattern. We have a MacD that appears to be rejecting a bear cross. We have a price action pattern that is screaming “time to go up.” I know I sound a bit excited by this point but it is because of how bullish these short term time frames look and how big the ranges are. We must remember the bears we found hiding in the bushes on the 4hr though.
If we break through our center area and continue up to test the top of our triangle that is about 12.5%. If we break through that. It could be as much as 40.
Let’s be real though. Other large cap coins are not showing near term breakouts like this and BCH did not start its run until a few hours AFTER LTC and BTC during the April 2nd run. This looks really good to me but I’m going to go get lunch and take a walk before make any decision here.
Alright, trying to save some time this week so hopefully I didn’t miss anything. PLEASE tell me if I did or if you have a different outlook. I want to team up with a group of traders this year and crush it.
Like and subscribe if you want to support the dream. Comment because you can ;)
Note
Skipping the in depths this week due to lack of clarity and I want to shift some focus to stocks. Bitfinex fud in combination with a clear need for healthy consolidation has price falling farther then expected on alts. At this point our consolidation is still very healthy on BCH but we have a HUGE lack of support that has us looking all the way down between 196-180. Technical are pointing to the downside except we have the 50 crossing the 200MA bullish on the daily right now. Gut says relief rally incoming.
Related publications
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.