Updated
BCHUSD 30 minute chart update
We did have a slip to previous support resistance areas but as you can see from the previous wave that these types of dips are normal and it aids to shake out weak longs and bring in strong longs. I'm not overly concerned with the move an am holding throughout. Now that the 20 and 50 MAs have moved beneath the 200 MA it should cause a bullish reversal with some decent momentum and may even fuel a new rally although I suspect there may also be a double bottom pattern here before the move higher gets underway.
Note
I do expect some resistance at the 1950 to 2000 area and if there is a decent pull back here then the top will be higher than 2200. Just my opinion.Note
It is clear that BTC is affecting BCH and pulling buyers over who want to capitalize on BTCs blow off rally and who can blame them... this type of topping rally can go on an on and is extremely profitable so if you don't want to be on the wrong side of the trade then by all means jump in and benefit from it. Buyers will return to BCH once the topping pattern has broken down. Now is a risky time to be caught between the two and if you don't have the stomach for it maybe move to the sidelines. The BCH chart has broken down now and does not look positive. Trying to predict what this coin will do against a competitive coin in a blow off rally is futile.Note
I will say too though that for the most part BCH is holding up fairly well considering what it is up against right now and this does speak to the underlying bullishness of this coin and that it does have a core group of traders who believe in it. But as more and more jump ship it will continue to deteriorate. You have to use your own judgement and do what is best for you.Note
notes if you click on this 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.