Updated
BCH Bitcoin Cash, 800 or 1500, leading indicator for Bitcoin
When you look at the chart of Bitcoin Cash, we can see much better indicator of the trend since the low at 6K of BTC. The orange consolidation fase (BTC 7500/9000 fase). the small blue one shows a bear trap, but actually indicating where the market was headed. The yellow area shows where BTC was at the high of 11.700, so BCH was clearly much more bearish, while BTC was breaking out of the long term downtrend since the 20K high.
And now; there are 2 options, the small bullish inverse H&S will be completed and we see another big move up towards the 1470. The brake of the neckline around 1300, would probably mean a break for BTC of the heavy resistance at 10400/10500. If BCH manages to make the H&S BTC will probably go to the 11K again.
If it inverse H&S fails, than BCH will be making a big H&S with the neckline around 1200/1175. If this happens it should be dropping towards the low of 800. This would mean BTC should go at least in the 7K area i think. We should get our answer very soon.
For now, it has the looks that we will go higher, those 2 small green area are important bullish momentum support levels that should hold. If it fails to break the neckline of the inverse H&S, we will probably see an acceleration downwards and the whole crypto market will get beak into a sell off. For now, i say 70% chance we go up (short term, not predicting a new big bull rally)
And now; there are 2 options, the small bullish inverse H&S will be completed and we see another big move up towards the 1470. The brake of the neckline around 1300, would probably mean a break for BTC of the heavy resistance at 10400/10500. If BCH manages to make the H&S BTC will probably go to the 11K again.
If it inverse H&S fails, than BCH will be making a big H&S with the neckline around 1200/1175. If this happens it should be dropping towards the low of 800. This would mean BTC should go at least in the 7K area i think. We should get our answer very soon.
For now, it has the looks that we will go higher, those 2 small green area are important bullish momentum support levels that should hold. If it fails to break the neckline of the inverse H&S, we will probably see an acceleration downwards and the whole crypto market will get beak into a sell off. For now, i say 70% chance we go up (short term, not predicting a new big bull rally)
Note
Ripple, also same picture. The question is, will the bigger bearish wedge have more weight, this picture says yes it does to meNote
And than LTC, already broke the neckline, but not a bounce up yet. Note
We can ignore the facts now, things have changed now, that big drop of BTC from the 10500 has pulled everything down. The big H&S looks to be almost completed now. Unless BTC goes above the 10K again and BCH stays above 1150, we could see a move up again. Otherwise a med term bear market will start again the coming days/weeksNote
And the big H&S is confirmed, IF we get a retracement towards 1175/1200, that would be a good moment to go shortNote
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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.