The last winter lasted for 4 weeks and it was really tiring. We started second week of consolidation now. Are we done? Is the worst part over?
We touched the upper end@$2700+ of the wedge yesterday after a strong green candle and the resistance was too strong, also that happened to be the upper channel of the RSI (Blue channel). So double punch to the face and BCH was knocked out.
However, we got up now after touching the lower channel of RSI - Perfect!
We may continue to consolidate within this RSI channel, but the green wedge looks to be ending with an opportunity to break out (blue zigzag arrow). Resistance at $2700, $3000
But an end of a correction is always difficult to predict, so need to keep an eye and hold on to cash. BTW for long term, this is a good entry point but be patient and don't panic sell.
BCHBTC is holding very well through all these ups and downs at 0.16 level. If this is indeed the end of 4th wave correction, we are in for a treat! However, BTC appears to be in a bad shape now and can go to $10000 or below, bringing down BCH with it
Good News:
themerkle.com/dream-...grates-bitcoin-cash/ (Dream Market accepts BCH)
twitter.com/khanacad...s/946537549396197376 (Khan Academy accepting donations via BCH)
Most of my recent updates are available in the previous charts and twitter. I find twitter to be a quicker medium, so do check that out.
We touched the upper end@$2700+ of the wedge yesterday after a strong green candle and the resistance was too strong, also that happened to be the upper channel of the RSI (Blue channel). So double punch to the face and BCH was knocked out.
However, we got up now after touching the lower channel of RSI - Perfect!
We may continue to consolidate within this RSI channel, but the green wedge looks to be ending with an opportunity to break out (blue zigzag arrow). Resistance at $2700, $3000
But an end of a correction is always difficult to predict, so need to keep an eye and hold on to cash. BTW for long term, this is a good entry point but be patient and don't panic sell.
BCHBTC is holding very well through all these ups and downs at 0.16 level. If this is indeed the end of 4th wave correction, we are in for a treat! However, BTC appears to be in a bad shape now and can go to $10000 or below, bringing down BCH with it
Good News:
themerkle.com/dream-...grates-bitcoin-cash/ (Dream Market accepts BCH)
twitter.com/khanacad...s/946537549396197376 (Khan Academy accepting donations via BCH)
Most of my recent updates are available in the previous charts and twitter. I find twitter to be a quicker medium, so do check that out.
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It's creeping more. I wanted to see more energy
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We are going sideways and the RSI channel is holding, although it doesn't appear to be bullish at all.
Here is another view, $2200 support should hold
Here is another view, $2200 support should hold
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As we said before, watchout for RSI breaking the channel. Resistances at 2500, 2700, 3000. Last correction lasted 4 weeks, this time its less than 2 weeks. So keep an eye.
I took a small position at $2300
I took a small position at $2300
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Here is a correction scenario as well. Remember, the correction was 4 weeks last time. Anything is possible with BCH. Believe in it for long-term
Also BCHBTC chart has been great since almost 2 weeks
Also BCHBTC chart has been great since almost 2 weeks
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$2700..woohoo our first target told on Dec31st. But it ain't over yet
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We are going for the bearish scenario as mentioned yesterday
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We are getting back to our original idea as the pennat is forming very well. This should breakout soon IMO
BCHBTC is also holding very well
BCHBTC is also holding very well
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Pennant on BCHBTC
RSI bounce was very weak, if we go below the channel, then we break through the support and then 1600/1700 area for support
here is an example of a strong RSI bounce within its channel for Ripple