Bitcoin Cash Short-Term (Boom, Bust & Reset)
Bitcoin Cash is trading daily below EMA377, coming from a new high; this last happened in December 2021, so this is a major development, a bearish one.
A major resistance range is set around 330 - 350. If BCHUSDT is trading below this range, we consider it ultra-bearish (if it moves above it becomes bullish).
Bitcoin cash is currently trading at 315, which is below the above mentioned range. We have the same pattern of lower lows and lower highs as the other pairs and a strong short-term bearish tendency.
Let's get to the point, the correction is likely not over, we have more downside before it ends. The lower highs dynamics and continued selling pressure can lead to a lower low. The potential targets for this low is mapped on the chart.
After the low is in, we should experience some sideways action (consolidation) followed by a recovery. It will take time before we are fully bullish again. Each cycles goes through a boom and after the boom comes a bust and after the bust comes a reset, the reset is the consolidation phase.
Namaste.
A major resistance range is set around 330 - 350. If BCHUSDT is trading below this range, we consider it ultra-bearish (if it moves above it becomes bullish).
Bitcoin cash is currently trading at 315, which is below the above mentioned range. We have the same pattern of lower lows and lower highs as the other pairs and a strong short-term bearish tendency.
Let's get to the point, the correction is likely not over, we have more downside before it ends. The lower highs dynamics and continued selling pressure can lead to a lower low. The potential targets for this low is mapped on the chart.
After the low is in, we should experience some sideways action (consolidation) followed by a recovery. It will take time before we are fully bullish again. Each cycles goes through a boom and after the boom comes a bust and after the bust comes a reset, the reset is the consolidation phase.
Namaste.
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