Short
BCHUSD really showing weakness now
That was a disastrous day for BCHUSD and it is really showing weakness now with this large down trending channel that has opened up off the top of the spike. This coin is known for a long down trending consolidation and that certainly does not boost my confidence either. Unfortunately as we had discussed earlier today the red trend line was the real line in the sand for BCHUSD and it has plowed through it with force. It has found some support here as you can see on the 200 MA of this 2 hour chart but to pull off a rally here to gain back the ground will be extremely difficult as the angle of the 20 and 50 MAs bearing down on it are very steep and will be very tough to turn. I`m writing a eulogy I`m afraid and we may see a resurrection somewhere around the 700 range... I know you guys hate me... let`s hope I`m completely wrong on this one...
Note
notes on the chart
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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.