As mentioned in the previous article last week, Bitcoincash has been under correction(dropping) and it dropped further 20%+ since last week.
Bullish Case:
After surging 200%+ in the mid of December, It has dropped 50% at the time of writing.Though such drop is usual after such price surge but it need to holds $123-$109 price level to continue bullish momentum.Bullish confirmation will be when it breaks $220+ level in the coming days/weeks with a target around $350+ price level
Bearish Case:
If it doesn't hold the $123-$109 then it will slightly bearish for the asset and we might see the price fall below $100 in the coming days/weeks.
I would look at entire market as a whole.
Stoch RSI is completely reset. It just held 153$ support and is now reclaiming 161$ support.
In a mini alt season where all the big cap shitcoins like EOS, cardano are pumping, BCH is going to at least $220 which is basically a 40% move from 150 support.
coinswitch-trading
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@kitkat16, yeah agreed! I was just showing the levels and buying around the support level would have given profits!
kitkat16
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@coinswitch-trading, i just reread my reply and realized it came off as quite rude. My apologies!
I should have said, as of right now, i would take your bullish case as highly likely.
And your ideas for both cases are spot on.
Personally I'll be rebuying around the 161-164$ support test and longing with a $215-220 target.
coinswitch-trading
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@kitkat16,no apologies needed buddy and nice buy plan but do watch out for BTC effect on alts action as well and watch your stops.
Happy Trading!
kitkat16
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@coinswitch-trading, we got there! lol
I think another move up is coming soon too. Going long from 240 to 230 :)
Stoch RSI is completely reset. It just held 153$ support and is now reclaiming 161$ support.
In a mini alt season where all the big cap shitcoins like EOS, cardano are pumping, BCH is going to at least $220 which is basically a 40% move from 150 support.