Bitcoin Cash - Headed up or headed nowhere?
The 3H chart of BCH shows a kumo-breakout, with the price slowly exiting the cloud leaving behind a flat kijun-sen. This would ordinarily be my entry point to go long, but the following things worry me :
- The long flat kijun-sen. This will attract the price towards unless it shows an upwardly inclination.;
- The lagging span is entangled with the price and the other lines;
- The price is below the tenkan -sen. This too may push the price down.
This point in the prices life is important as it's sitting on the tenkan sen in the 6H chart (below). I'd like to see the price move up some more before going long so that the above three issues are resolved. The flat kijun-set at the 6H also prevents me from going long just yet.
So all in all, its time to wait and watch. Doing nothing is the hardest part, but that's exactly what I'm going right now with BCH.
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