Hello, dear Traders!
Monfex is at your service and today we overview BCH/BTC.
After the price had plummeted to the support line, a triangle formed. Near the triangle's resistance we have MA50 , the breakdown of which will be a confirmation of a bullish scenario to the next green resistance zones.
But there can also be an another script. By breakout the support...
While the price is above the support 0.0652, beginning of uptrend is expected.
We make sure when the resistance at 0.0980 breaks.
If the support at 0.0652 is broken, the short-term forecast -beginning of uptrend- will be invalid.
The Falling Wedge taking shape and as a bullish pattern suggests we will soon see another leg...
. While the price is above the support 0.0655, beginning of uptrend is expected.
. We make sure when the resistance at 0.0980 breaks.
. If the support at 0.0655 is broken, the short-term forecast -beginning of uptrend- will be invalid.
. We will close our open trades, if the Midterm level 0.0655 is broken.
. The Falling Wedge...
BCHBTC $BCH $BCC $BTC Forming an Inverse Head and Shoulders pattern. Finding support in the 7662 Satoshis area. It can be appreciated in all time frames. The RSI and Stochastic clearly over sold in the 4H chart, and with plenty of space to go back up in the 1D chart. I am bullish at the entire $Crypto market after a long correction, and $ALTS are the first to...
*There is no trend in the market and the price is in a range bound, but we forecast an uptrend wave above 0.1210 would begin in Midterm.
. The RSI bounced from the support #1 at 35 and it prevented price from more losses.
. While the RSI downtrend #2 is not broken, bearish wave in price would continue.
. Price is below...
BCH not looking likely to break trend from recent high and facing key resistance at .154. Fast descending trend line was broken at .124 where we bounced off of strong support. However, I suspect that we stay under the downwards trend and head towards support at the bottom of the channel, likely retesting .124 again.
New trading suggestion:
*The price is in a range bound and we forecast the uptrend would resume.
*There is still a possibility of temporary retracement to suggested support line (0.1210). if so, traders can set orders based on Price Action and expect to reach short-term targets.
*If you missed our first HUNT, you have a second chance to buy above the suggested...
BCH/BTC dropped significantly today and could inalidate the breakout above the upper median line (uml) of the descending pitchfork. Price has found a very strong resistance at the 50% Fibonacci line of the ascending pitchfork. A failure to close above this line could signal that the rebound is completed and the price could start another leg lower soon.
New trading suggestion:
*The price is in an up trend and we forecast the uptrend would continue.
*There is still possibility of temporary retracement to suggested support lines (0.1610) & (0.1480), if so, traders can set orders based on Price Action and expect to reach short-term targets.
Signal to enter the market occurs when the price comes to...
BCHBTC just broke bearish from its triangle and altcoin-Bitcoin pairs generally look like they're due a sell-off with Bitcoin appearing like it might be in a position to rally again soon. However, if/when BCH returns to the lower trend line indicated above, around the psychological 0.1 BTC level and .786 fib retracement, I would regard it as an attractive buy....
Waiting for confirmation on market direction. Broken the 0.5 fib from the last bearish impulse down from 0.24 to 0.01. Also broken the long term rising support from mid October. Both signs suggest a bearish outlook, and for now BTCUSD looks strong up to $12k+. Keep a close eye on the support at 0.1265 where we're at right now. If that breaks there's not much...