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BCHUSD two more resistance levels & slow growth
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As the entire market turned green, BCH is finally having some growth & broke out above the descending trend line (blue).
Let's review the resistance levels:
1450 was one, and it seems that BCH is past that
1630 was another, and the last attempt a few minutes ago failed
1780 was the final one
I have a feeling that whether BCH can proceed above these levels depend on external factors:
1. Will BTC go up? -> If yes, by how much? -> If BTC booms, BCH will fall again.
2. Will BTC crash? -> If yes, BCH will crash again.
3. Will LTC & ETH stall? -> If no, BCH will have difficulty pulling cash in.
Wrt technical indicators, UO is already above 60 but still below 70 on the four-hour chart -> in a normal market this would be close to a sell signal, but in this market today BCH is a lagger and hardly overbought.
MFI finally in bullish territory.
In sum, BCH is a lagger, but provided that the market overall remains bullish, it can keep growing, even if slowly.
Let's review the resistance levels:
1450 was one, and it seems that BCH is past that
1630 was another, and the last attempt a few minutes ago failed
1780 was the final one
I have a feeling that whether BCH can proceed above these levels depend on external factors:
1. Will BTC go up? -> If yes, by how much? -> If BTC booms, BCH will fall again.
2. Will BTC crash? -> If yes, BCH will crash again.
3. Will LTC & ETH stall? -> If no, BCH will have difficulty pulling cash in.
Wrt technical indicators, UO is already above 60 but still below 70 on the four-hour chart -> in a normal market this would be close to a sell signal, but in this market today BCH is a lagger and hardly overbought.
MFI finally in bullish territory.
In sum, BCH is a lagger, but provided that the market overall remains bullish, it can keep growing, even if slowly.
Nota
Again rejected by ~1630, waiting for the next attemptCheck out my website: jlteng.com
Nota
Great news it broke 1630! We'll be seeing $1800 soon!Nota
This time it broke not just 1630 but also 1800!
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