BCH/BTC 1D/4H multi timeframe Ichimoku and Bullish Divergence!
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BCH has been on a bearish trend lately. Now after testing S1 4 times ( circles ) it does seem like it found a bottom.
And during those 4 bounces of the S1 the RSI has shown a stronger divergence on each test ( Purple rectangle ).
It's still under the cloud and under the Kijun ( Dark Blue line ) on the Daily but is testing the Tenkan ( Yellow Line ).
On the 4H the Tenkan crossed over the Kijun which points to some bullish momentum coming.
The timing could be difficult but it does seem likely it will try to go up a bit and with the cloud and Kijun on the Daily being a strong resistance there are a couple of plays. If you wait for a break of the Kijun on the Daily you would have better odds and take profits on the first test of the bottom of the cloud as it should give resistance at least on a first test, but if it breaks through the cloud the upside potential is 100%.
BCH has been on a bearish trend lately. Now after testing S1 4 times ( circles ) it does seem like it found a bottom.
And during those 4 bounces of the S1 the RSI has shown a stronger divergence on each test ( Purple rectangle ).
It's still under the cloud and under the Kijun ( Dark Blue line ) on the Daily but is testing the Tenkan ( Yellow Line ).
On the 4H the Tenkan crossed over the Kijun which points to some bullish momentum coming.
The timing could be difficult but it does seem likely it will try to go up a bit and with the cloud and Kijun on the Daily being a strong resistance there are a couple of plays. If you wait for a break of the Kijun on the Daily you would have better odds and take profits on the first test of the bottom of the cloud as it should give resistance at least on a first test, but if it breaks through the cloud the upside potential is 100%.