Bullish Breakout Beckons Bitcoin Cash

in #trading • 7 years ago (edited)

Bitcoin Cash Bearish Run Ending?

Since reaching its all time high of $5389.35 on Binance (the #1 cryptocurrency exchange by trade volume), Bitcoin Cash has been in and 11 month bearish down trend losing as much as 75% of its value. But that may be nearing it's end. Having reached a low of $408 on Sept 19th, BCH had its 2 largest volume trading days since it's been listed on Binance. As the daily chart below show, BCH lower highs have been greater than the lower lows resulting in a Falling Wedge which is a bullish pattern. A positive divergence is also present between the RSI and the price line. With Bitcoin futures expiring in 2 days we could still see a short squeeze which could propel BCH and other altcoins higher.

Charts by Trading View
Author holds Bitcoin Cash at time of writing

Smiling Duck

#investing #cryptocurrencies #altcoin #crypto
7 years ago in #trading by
$0.00
    2 votes
    Reply 1
    Sort:  
  • Trending
    • [-]
     7 years ago 

    Congratulations @smilingduck! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

    Award for the number of posts published
    Award for the number of upvotes received

    Click on the badge to view your Board of Honor.
    If you no longer want to receive notifications, reply to this comment with the word STOP

    Support SteemitBoard's project! Vote for its witness and get one more award!

    $0.00
      Reply