Bitcoin Cash, will it live up to its father? (A Re-examination)
Okay, So I have had so choppy really bad analysis, and sometimes I do not give an idea the time in analysis that it deserves, and since I botched my analysis first of Bitcoin Cash I decided to take a step away, and re-examine it later and check out what I discovered! Bitcoin Cash might be on the verge of an absolute explosion in price.
My Analysis:
During my first analysis, I saw an inverse head and shoulder, it's neckline is the darker reds, while, it appears to me that there could be another inverse head and shoulder! However, this one looks much better and it is so beautiful and big and volatile, it also took more time to develop than Bitcoin's. So there are two possible inverse head and shoulders: the first one has a neckline that is a dark red, and this one had crossed its neckline already on higher volume, it's neckline has an incredibly bearish slope, and its right shoulder was really low, almost touching the point of the head. Now, this got me thinking, what if we consider this a double bottom, similar to that of Bitcoin's inverse head and shoulder! And look at that, in the bright red's I drew another neckline that is more horizontal which is closer to that of a standard head and shoulders! This Brighter Red is the current resistance of the movements now. The price objective of this inverted head and shoulder is roughly 1150. The volume is not as helpful in this case, because it supports the idea of both of them being an inverse head and shoulder so it will be up to the reader to decide which one is more valid.
There is one problem to this theory, Bitcoin is currently acquiring more and more dominance which means that it might not be able to cross the neckline/resistance (depending on whether you believe it is an inverse head and shoulder) in the high 800's.
..
Key Points:
1.) Two possible Inverse head and shoulders that are both valid.
2.) If the head is considered a double bottom (the green support line with two darker blue circle), and the lighter red is seen as the neckline for an inverse head and shoulder, then, the neckline must be crossed on huge volume and the price objective would be close to 1150 (In orange) or risk sideways movement or a drop lower.
3.) If the head and shoulder is noted by the darker red neckline, it must cross the red resistance line and believe that it could form an ascending triangle which can be seen in the blue tentative trendline (However, the ascending triangle does not make up the entire blue trendline because the volume does not match, instead the ascending triangle would be much smaller and you can identify this by finding the candle stick with the highest volume. Its price objective closer to that of the dark red inverse head and shoulder which is 940), a crossing of this trendline would put it at risk of sideways movement or a drop lower.
My Botched Bitcoin Cash Analysis:
My Analysis:
During my first analysis, I saw an inverse head and shoulder, it's neckline is the darker reds, while, it appears to me that there could be another inverse head and shoulder! However, this one looks much better and it is so beautiful and big and volatile, it also took more time to develop than Bitcoin's. So there are two possible inverse head and shoulders: the first one has a neckline that is a dark red, and this one had crossed its neckline already on higher volume, it's neckline has an incredibly bearish slope, and its right shoulder was really low, almost touching the point of the head. Now, this got me thinking, what if we consider this a double bottom, similar to that of Bitcoin's inverse head and shoulder! And look at that, in the bright red's I drew another neckline that is more horizontal which is closer to that of a standard head and shoulders! This Brighter Red is the current resistance of the movements now. The price objective of this inverted head and shoulder is roughly 1150. The volume is not as helpful in this case, because it supports the idea of both of them being an inverse head and shoulder so it will be up to the reader to decide which one is more valid.
There is one problem to this theory, Bitcoin is currently acquiring more and more dominance which means that it might not be able to cross the neckline/resistance (depending on whether you believe it is an inverse head and shoulder) in the high 800's.
..
Key Points:
1.) Two possible Inverse head and shoulders that are both valid.
2.) If the head is considered a double bottom (the green support line with two darker blue circle), and the lighter red is seen as the neckline for an inverse head and shoulder, then, the neckline must be crossed on huge volume and the price objective would be close to 1150 (In orange) or risk sideways movement or a drop lower.
3.) If the head and shoulder is noted by the darker red neckline, it must cross the red resistance line and believe that it could form an ascending triangle which can be seen in the blue tentative trendline (However, the ascending triangle does not make up the entire blue trendline because the volume does not match, instead the ascending triangle would be much smaller and you can identify this by finding the candle stick with the highest volume. Its price objective closer to that of the dark red inverse head and shoulder which is 940), a crossing of this trendline would put it at risk of sideways movement or a drop lower.
My Botched Bitcoin Cash Analysis:
Comment:
There are a lot of things happening in the crypto world which was a significant drop in bitcoin causin many coins and tokens to drop including Bitcoin cash, however, bitcoin cash did remain in its small trendline of support. But I do not believe the downward movements are over just yet, we will have to see in due time.