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Bitcoin Cash (BCH) Technical Analysis: November 2018 Upgrade Demonstrates Bitcoin Cash’s “Decentralization and Freedom”
There is utility in Bitcoin Cash and their ambitions of becoming Bitcoin’s replacement is real. In fact going by the number of developments and adoption especially in SE Asia, Bitcoin Cash deserves recognition. Yes, it’s a BTC fork but at its core it advocates the ideals of the original core network Bitcoin Cash is syncing with bears just like the rest of the markets. It’s down nine percent in a week over week basis as sellers continue to ramp up their positions with targets at $600. $600, as we said before is a key support line and an anchor point for our analysis since it marks 2018 lows.In case there is a revival then we need to see injection of buy pressure at around this support line like it was in early April 2018 when buyers rejected lower lows and edged higher. If not and the depreciation continues, then it’s likely that sellers might test $300 or Oct 2017 lows, our next support line.Daily ChartBitcoin Cash Daily Chart by Trading ViewWhile we realize that sellers are in charge, let’s also recognize the risk reward ratio is a little bit tight now. As before, our main support line at $600 is but $100 away.It won’t make sense to risk $150—since supports would be above July 2 highs- to gain $100 or less in the next few days in our sell trade. So, the best approach here is to wait for a reaction at $600. If sellers slice through that level then we shall trade a break out as mentioned before with targets at $300.Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Author: Dalmas Ngetich
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