Short
BCHUSD bad set up miracle needed for breakout
Updated
Everybody can see that BCH has under-performed the market in the past month. My BCH has depreciated 2/3 against BTC.
At this point, I believe BTC will be heavily shorted once future trading starts on CBOE. In the past two weeks, BCH has taught us that it will fall together with BTC even though when BTC rises it also falls. BCH only recovers a little when BTC goes sideways.
Technically, we can see that
1. Previous trend has been broken. BCH is no longer in an upward channel.
2. There's some support at $1150, but this is temporary & arbitrary, likely because it's EUR 1000.
3. There was an ascending wedge that led to further drops from $1700.
4. Currently a descending triangle is forming.
Because BTC is likely to move dramatically in the next 48 hours, BCHUSD is very likely to fall further, perhaps breaking down the descending triangle. There might be some gains against BTC if BTC crashes, but against USD it's hard to see how BCH can stand at this level after trading sideways for one month.
I'll try to dump it before BTC crashes.
At this point, I believe BTC will be heavily shorted once future trading starts on CBOE. In the past two weeks, BCH has taught us that it will fall together with BTC even though when BTC rises it also falls. BCH only recovers a little when BTC goes sideways.
Technically, we can see that
1. Previous trend has been broken. BCH is no longer in an upward channel.
2. There's some support at $1150, but this is temporary & arbitrary, likely because it's EUR 1000.
3. There was an ascending wedge that led to further drops from $1700.
4. Currently a descending triangle is forming.
Because BTC is likely to move dramatically in the next 48 hours, BCHUSD is very likely to fall further, perhaps breaking down the descending triangle. There might be some gains against BTC if BTC crashes, but against USD it's hard to see how BCH can stand at this level after trading sideways for one month.
I'll try to dump it before BTC crashes.
Note
btw, of course it's still possible for a breakout. However, they would require some big money to pump it. There's currently no technical sign of it going up. That's what I meant. We all know this in market pumps can come when you least expect it, so...Check out my website: jlteng.com
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