BITCOIN CASH Following Typical Pullback Signals -- Leading The Dump Today
BCH is leading the pack on the pullback today and is following all of the stereotypical signals, leading us to some easy trading decisions.
One of the biggest signals I'm looking at here is the spinning top doji on the peak when prices reached over $1,800. Immediately following was a bear day follow through showing bulls were done after the indecision at the peak where the two fought it out.
Additionally, you can see a lower high in daily RSI than the previous trend high before the peak above $1,800's. Diverging signals with price RSI almost always lead to a change in direction (this is used at the low for a bounce as well).
Stochastic RSI and MACD are also bearish and heading lower.
Trend price support broke forming a new low on the shorter trend. Support for now is still at $1,237 with a floor at $1,080 and then down to $900 and $800.
BCH was way over extended from a fork & greed driven rally, so a harder pullback is normal and expected. I used to love BCH due to it's improvement in fundamentals, but I think the announcement of a fork every six months is complete and utter B.S. and is going to ruin this crypto.
Happy trading!
Looks like it has a bit to drop off before I’m interested at all.
Yea, I think it will. It's tough since I basically lost faith in it. The only reason for the crazy growth this rally was greedy people wanting to get that extra coin from the split (which is every six months...crazy!). Not really a fan of BCH anymore, unless the chart aligns for me and I can make a good trade.