Chia (XCH) - Bullish divergence

On the above 2-day chart price action has corrected a whopping 95% from $1450 in May. A number of reasons now exist to be bullish, including:

1) The ‘incredible buy’ signal prints.

2) Price action resistance and RSI resistance breaks out.

3) Bullish divergence between price action and the oscillators. Remember this is a 2-day chart. 10 oscillators are currently printing bullish divergence including MACD. Fantastic. The divergence is very clear to see on the weekly chart (below).

4) Point 1 through 3 are also applicable for the BTC pair no matter the exchange with evident volume divergence.

Is it possible price action falls further? Sure. But after 95%?!

Is it probable? No.

Good luck!

WW


Point 3 - Divergence on weekly dollar chart

Point 4 - BTC pair

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On the 2-day chart price action appears to have broken out from several months of resistance.

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3-day dollar chart prints Stochastic RSI crossing up 20 following 'buy' signal