BCH in for a pullback 4th wave, then reversal 5th wave
Updated
We have seen 4 waves since the introduction of huge volume into BCH. The price has not only broken through a significant trend line of this recent wave, but also broken below the 100 hour moving average. At this moment, volume is much lower than it was when the price was going crazy, which leads me to believe that this short term bull run is slowing down, but we still may see one more wave come into play.
In this case, I see three possible supports: $560-570 range as it was a resistance on 11/02 and also a support on 11/03 and 11/04; the $500-$420 zone as this is where price hovered in the last period of low volume; and lastly it could bounce anytime positive news is released about bitcoin cash and/or negative news about bitcoin/segwit2x.
I have an order to sell at $570 once the breakthrough of the moving average has been confirmed, and I will look to enter again somewhere in the zones I have highlighted. I will try my best to continue to update with new price action, and leave a comment if you have any questions.
In this case, I see three possible supports: $560-570 range as it was a resistance on 11/02 and also a support on 11/03 and 11/04; the $500-$420 zone as this is where price hovered in the last period of low volume; and lastly it could bounce anytime positive news is released about bitcoin cash and/or negative news about bitcoin/segwit2x.
I have an order to sell at $570 once the breakthrough of the moving average has been confirmed, and I will look to enter again somewhere in the zones I have highlighted. I will try my best to continue to update with new price action, and leave a comment if you have any questions.
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Here is a trend line that will either launch us into wave 5, or continue sideways momentum until some sort of news or volume increase propels us forwards.
I have added to my holdings at $570 and will keep a further eye out.
Note
Look to my most recent post in which I identified a bearish descending triangle, I have moved my price target for a buy lower than $570
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