MagicPoopCannon

Bitcoin Cash Gets Hard — But it May Not Last (BCH) =D

BITFINEX:BCHUSD   Bitcoin Cash / Dollar
Hi friends! Welcome to this analysis on Bitcoin             Cash! Let's jump right in! Looking at the four hour chart, we can see that BCH is approaching the top resistance of the downtrend channel (black.) The surge off of Tuesday's low, has been very impressive, as opposed many of the other top coins. However, BCH has done something very important here. It has surpassed the 50 EMA! (in orange) Additionally, we can see a strong presence of buy-side volume on the chart, and the MACD has literally gone parabolic. THIS, is the enthusiasm that the bulls need to sustain, if they want to put a bottom in this market. Regardless, there is an interesting correlation here, and it is still a bit bearish . You can see that BCH is running into overhead resistance, just as the other coins are starting to teeter from bear flags, and roll over from small head and shoulders patterns. Looking at the chart, you can see that there is also a rising dashed trendline , that BCH is running into. This is important for many reasons. Firstly, it is a actually a higher high than the last high. Second, it could easily end up being the neckline of an inverse head and shoulders pattern, should a pullback from this level ensue. I've drawn a hypothetical inverse head and shoulders pattern on the chart, to illustrate how this could occur. To add to the possibility of a bullish reversal, we can see a very powerful bullish divergence on the MACD . You can see that as BCH was making lower lows, momentum was making significantly higher lows. This is an indication of a broad shift in momentum, and can often be a precursor to an impending rally. For now, we need to watch closely, to see how price behaves at the top of the downtrend channel . If it begins to fall from here, then perhaps we can look more at the case for a developing inverse head and shoulders pattern. If a breakout to the upside occurs, the falling 200 EMA (in purple,) would be the first level of overhead resistance.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

-JD-
Time for an update on this since it's at the $1375 resistance line?
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you missed another one. awwww humble magic
+1 Phản hồi
Breaking out of the downtrend now!
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How do you get the MACD and SRSI to overlap?
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and when people may see this go down... that's the time we need buy :)
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please make more negative news, I would dare you that the market reacts another way round.. please do it more negative news.
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when bitcoin cash runs it runs! looks bullish short term to me
+4 Phản hồi
please start making videos and trading strategies, possible entry exit points etc.
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Last time it had a hard on like that it moved from $1250 to over 2k on insider info.Looks like history repeating,watching for news.
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orm2 dorogasha
@dorogasha, Roger Ver did an interview with Alex Jones from InfoWars show. The show has around 7million people that tune in to regularly. The kind of people that lsiten to this crap are mostly conspiracy nutheads and rednecks, very gullible people.
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