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Generally when I write articles for Seeking Alpha, I wait to provide any additional insight that didn't make the article until after publishing is confirmed. This time though, I'm taking the incredibly presumptuous step of anticipating that the article will be accepted for publication. The reason? I want to make sure my normal readers can see my technical viewpoint without a potential submission to editor lag. After all, cryptos can move 10% in any direction faster than Seeking Alpha articles can get approved at times. In any case, here's what I see in Bitcoin Cash (BCH) from a technical trade standpoint.
What I like about the chart
After the massive selloff broadly in the crypto space, BCH has held $550 a handful of times. I take the view that $550 has become strong support. Based off support/resistance zones from past moves, $750 looks like an area that will be tested shortly. This theory is supported by the current upper Bollinger Band level. RSI-10, though not oversold, recently touched a level that has previously served as a cycle bottom. I like it. I think bitcoin cash is headed to $740-750. When it gets there, it's going to need to make up it's mind on direction. Given how well $550 held the last month or so, I think the market wants it higher from here.
Standard Disclaimer: None of this is investment advice. For the love of God do your own research. This is not an inducement for you to buy anything. I'm a guy on the internet. I'm long BCH.
Continued Reading
- SA After-hours: ETH
- SA After-hours: BAT
