Hi guys, let's review the current situation on Bitcoin Cash.
It seems that Bitcoin Cash continue rally is coming to the end and probably we won't see any big green candle on weekly chart. In my previous post I indicated that last couple weeks there was extremely high volume on weekly candles and often it may indicate on changing direction, at least short term. Note that last on last week candle there was highest volume ever on BCH so it's normal that there will be some correction. This week we can see this correction.
If bulls want to continue recent rally then it's important for them to BCH close above 265 on weekly candle, it would be better if it closes somewhere around 280-290.
If this happens then we can expect price to test 330-340 levels but from current situation it's unlikely that this will happen. I expect that even if BCH price will rise it won't go higher than 300-310 and then continues it's correction to 220-200 levels.
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Many thanks.
It seems that Bitcoin Cash continue rally is coming to the end and probably we won't see any big green candle on weekly chart. In my previous post I indicated that last couple weeks there was extremely high volume on weekly candles and often it may indicate on changing direction, at least short term. Note that last on last week candle there was highest volume ever on BCH so it's normal that there will be some correction. This week we can see this correction.
If bulls want to continue recent rally then it's important for them to BCH close above 265 on weekly candle, it would be better if it closes somewhere around 280-290.
If this happens then we can expect price to test 330-340 levels but from current situation it's unlikely that this will happen. I expect that even if BCH price will rise it won't go higher than 300-310 and then continues it's correction to 220-200 levels.
If this post is useful to you, you can support me with like/boost and leave comments below.
Many thanks.
Comment:
Last weekly candle closed just at lower boundary of 260-290 range which is not that bad. I still think that BCH can at least test 330-350 range. But let's see.
Comment:
Nothing changed much on BCH this week. As I was expected BCH rally is over and now we can expect correction to 200.
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