After the selloff yesterday, many cryptos' prices dove to lower support levels, BCH being one of them. And like the others, BCH seems to be recovering and on its way back up. Although the ADX is still below 25, we see that the +DI has crossed above the -DI and also with a corresponding bullish RSI trend. If a candle finishes above the Kumo, we may see the ADX increase above 25 and see further increases in price. Key price action would be 660 to break through the recent resistance level. All criticism is welcomed. Invest wisely :D
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The 4 hr chart still shows kumo resistance, 650 will also be resistance. RSI looks good and the DMI is favorable but the ADX is still below 25. Keep watching closely.
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Might be too early, but here's a *VERY* preliminary price channel.
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Broke channel... continue to watch
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Here's how I set up my trend-based fib extension:
BCH bounced off a Fibonacci support zone at 504, and you can likely expect support at 470, 430, and low 300's. All the indicators are showing to be bearish at this time, which shows BCH will continue to decline in value.
I'm guessing the 504 support will not hold based on the DMI chart.
All criticism welcomed.
All criticism welcomed.
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May bounce off support at 455, although DMI not looking promising.