Home Daily Analysis Crypto Market sentiment Bitcoin Cash, Still Long-Term Bullish

Bitcoin Cash, Still Long-Term Bullish

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Bitcoin Cash has been dropping starting from the end of June and till the middle of August, when it tested the upward trendline and bounced off of it. Then, it started a slightly upward sideways movement which, mostly, was directionless.


Now the MACD and the Stochastics oscillator are turning up. From the price-action point of view, we see a hammer with a large lower shadow with high volume that BCH made yesterday. Also, the bullish trendline was tested three times, and it held. Then it drew a couple of bullish daily candles.  Today it is retracing slightly, but the overall picture seems positive.

A close above this triangle and the recent high ($332) might confirm the bullish movement, although a breakout of the $ 350 level would indeed be a better confirmation.

The weekly chart above seems to show an ABC bear pattern similar to the Bitcoin, and then we can see a timid wave 1 followed by a potential wave 2, which currently is travelling. The end of this wave might trigger a bullish wave 3 for the coming months.

If the price closes below the triangular formation would invalidate this scenario, or at least delay it.

 

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