BCH head and shoulders
We are seeing the late formation of a head and shoulders pattern. When you add this to negative technicals in BTC, it does suggest some lower prices ahead. But there is a bigger macro picture at work here and to deny that is foolish. The market is very technical right now, but it's hard to imagine that being sustainable, Crypto is a very good safe-haven asset since it lacks lots of leverage. Gold benefits from that...still with Gold near highs I cannot see crypto taking a big fall, so we may get some dip in prices..but the break out will be false...the weak volume in both BTC and BCH just confirms that
Trump is a real factor here, he is moving his trade war along. It's hard to imagine with the pressure him is putting on him that he can maintain it much longer, and crypto, since its not a leveraged asset like Gold, maybe confirming that - this is the downside risk. But honestly, it doesn't matter if Trump solves the trade wat...the economic impact has begun and risk is everywhere, so don't sell your crypto just yet..even if we get more price action to the downside.
Trump is a real factor here, he is moving his trade war along. It's hard to imagine with the pressure him is putting on him that he can maintain it much longer, and crypto, since its not a leveraged asset like Gold, maybe confirming that - this is the downside risk. But honestly, it doesn't matter if Trump solves the trade wat...the economic impact has begun and risk is everywhere, so don't sell your crypto just yet..even if we get more price action to the downside.
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.