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BITCOIN CASH 🔞 | Why Mom Was Right About Bitcoin Cash..⚠️ Roger Ver has given to charity, not just in real life (props to him for that) but also by holding BCH while price grinds sideways. That said, maybe Ver knows something we don't about the way BCH will move after this long and unimpressive consolidation. It isn't like Bitcoin Cash doesn't have a market cap, adoption, great news (depending on if you see this on bullish or bearish) like a new perp contract on Bitmex, or a use-case. It is just that, like Litecoin, it is one of those high caps that has been underperforming an otherwise bullish market recently. Whether BCH is about to try and break out of this pennant to the up or downside is anyone's guess. One thing is for sure, that is this price action is pretty ugly for one of the biggest large-cap cryptos in an overall bullish market. Let's take a look at some levels to see what the bears and bulls have going for them depending on the direction we move once we leave this painfully large pennant of accumulation or distribution. Support: The bulls better pray we see a reaction at the S1 orderblock and prior swing low, as this level is also at the bottom trend line of the pennant. It would be pretty absurd for BCH to breakdown after all of this without a move down from the broader market. If the bears can take BCH lower, then the bulls get one last shot to get back inside the triangle at the S2 bullish orderblock. If a move off S2 fails, or if S1 doesn't see a reaction, the last hope for the bulls is the S3 S/R flip. Given the amount of weakness seen in BCH recently, the bears might actually be able to break S3 and find news lows if they can gain sufficient momentum. Resistance: The R1 orderblock at the point of the previous breakdown is the first point of resistance. This resistance lines up with the top trend line of the pennant, so it is an obvious place to be rejected. If R1 can be broken, the bulls get a fighting chance. Above R1 is the R2 orderblock from the prior swing high. If the bulls can breach R2 without falling back down into the pennant, then the R3 bearish S/R flip becomes the last thing standing between the bulls and gaining some momentum for a new BCH bull run. Summary: When Bitcoin Cash picks a direction it tends to trend hard. Right now BCH is trending hard sideways. This is a pretty bad look for BCH given the amazing strength Bitcoin and other cryptos have shown since the COVID bottom. The one thing going for the bulls here is that BCH has a long way to catch up if and when it starts to run, so there is a path to glory if BCH bulls can leave the starting gate. With that said, it is likely the bears have this one in the bag if this price action doesn't really start to pick up... Resources: cryptopotato.com + news.bitcoin.com + www.finextra.com Hit that 👍 button to show support for the content! Help the community grow by giving us a follow 🐣
by AlphaBotSystem
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