Very good chance for a potent rebound on Bitcoin Cash-USD

in #bitcoin • 2 years ago (edited)

An inside bar has formed on the top-side of a gently upwards sloping trend line on the weekly chart. We are well below it's 200 SMA as well, so, to me, it looks like there's some solid upwards potential just waiting to get it's shoes filled here. Could be as good as a 5X! Bitcoin Cash has really taken a strong dip on this bear move, but it's still a high cap coin. This could really be a "safe jumper".

BUT! DO pay attention to the rather well established resistance level just below 500 USD. This can offer some nerve-wrecking trouble on the way up!

BCH.png

VERY tempting if it pulls back to around 300 USD! It's not unlikely to hit 1500 USD again fairly quickly, if it's big brother really takes off again and it likely will.

#cash #crypto #technical #analysis
2 years ago in #bitcoin by
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