Gwilasean

BCHUSD head&shoulders or double bottom?

BITFINEX:BCHUSD   Bitcoin Cash / Dollar
451 3 4
Looks like we're forming a head and shoulders pattern thanks to a huge buying volume .
Unfortunately that volume was only short term, so I wouldn't count on it to support the trend.
If the price stays above 1225 for the next 3-4 hours we might see the inverse H&S pattern, else I expect a partial sell-off (of the spiked volume ) and the price will probably drop to current support level at 1000.
If we do get to the inverse H&S pattern, but fail to support the dip of the second shoulder at around 1000-1050, I suspect we'll retest the 800 levels.
Judging from the lack of volume , I expect the price to drop to around 1000


RSI has been overbought
MACD is about to cross the signal line (no worries as long as they're above the center/base line)
Expecting SMMA50 to cross the trend somewhere between 1050 and 1100
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SMMA 50 crossing under the candles, might indicate we're about to go down some more
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Gwilasean Gwilasean
Nevermind this
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