BCH (bcash) Resist @ $500, $640, $1300, $1650, $2950, ATHBCH Resist @ $500, $640, $1300, $1650, $2950, ATH
BitcoinCash has been suppressed underneath a two year descending trendline. A major crash in late 2018 drove BCH to super lows ($74) where it has established a new long term ascending trendline, BCH has been bull for 14 months now. It became even more bullish 7.Jan.2020 when it broke above the two year descending trendline (Circled).
What next.
If it goes up, here are an array of notable support and resistance points. These are good for identifying potential entry and exit points. Because we are well into the heat of the 2020 bull crypto market, its likely its going to go up along side the other crypto.
A wedge? Maybe the bull market takes a breather and BCH is forced to consolidate. It has room to consolidate in a massive wedge over the next year with lows in the low to mid $200's and an absolute high of $500 which is about today's price. While this would be healthy to take a slower pace like this, its more likely the bull market will help BCH run higher sooner. Also the wedge could convert to an ascending channel.
Playing the major support line: We are on a 14 month ascending support trendline now. Any touch of that support line should be seen as the best possible entry barring breaking support. (If we every touch it again)
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A note about BitcoinCash: I do not invest in many projects but I will trade anything. I personally do not like BCH. Bitcoin (BTC) is great code that has been forked(copied) hundreds or thousands of times. People fork it, make their own changes, brand it, pump out the first (genesis) block with or without pre-mining and their project is up and going in days or weeks instead of years. I thinking forking great code like BTC makes sense. What doesn't make sense is to fork the code and the ledger and the name. What happens when you decide to deploy a contentious hot fork like BCH.
You generate billions in marketcap literally overnight and based 100% on the reputation of the project of whose code & ledger you took.
Then you proceed to create an identity crisis for the leading crypto currency causing confusion among those new to crypto, susceptible to buying the "cheaper bitcoin".
Then you make an effort to use the developers own code with hardly any changes to it to try to overthrow the original developers in a coup.
It smells of greed and lack of integrity IMO. Furthermore in this case it was a protest to the lightning network (LN) of which if it were not for the LN, bitcoin transactions would still be taking 10-30 minutes instead of processing at point of sale speeds. Furthermore either the original developers don't understand the importance of the OSI and similar models that rely on layers to provide services or they were in on the money grab as well. I think legitimately a lot of the devs and BCH supporters are not doing this to be malicious. That said, this is why i feel that BCH and all the contentious hot forks are toxic to the crypto community. (though I will still trade them)
This isnt investment advice, its some of my observations while researching. You should always Do You Own Research!
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Here is BCH with 1% depth of market with MACD confirmation on a spike in bids just before the jump.
