We touched the upper end@$2700+ of the yesterday after a strong green candle and the resistance was too strong, also that happened to be the upper channel of the (Blue channel). So double punch to the face and BCH was knocked out.
However, we got up now after touching the lower channel of - Perfect!
We may continue to consolidate within this channel, but the green looks to be ending with an opportunity to break out (blue arrow). Resistance at $2700, $3000
But an end of a correction is always difficult to predict, so need to keep an eye and hold on to cash. BTW for long term, this is a good entry point but be patient and don't panic sell.
BCHBTC is holding very well through all these ups and downs at 0.16 level. If this is indeed the end of 4th wave correction, we are in for a treat! However, BTC appears to be in a bad shape now and can go to $10000 or below, bringing down BCH with it
https://themerkle.com/dream-market-makes-surprising-return-integrates-bitcoin-cash/ (Dream Market accepts BCH)
https://twitter.com/khanacademy/status/946537549396197376 (Khan Academy accepting donations via BCH)
Most of my recent updates are available in the previous charts and twitter. I find twitter to be a quicker medium, so do check that out.
RSI bounce was very weak, if we go below the channel, then we break through the support and then 1600/1700 area for support
here is an example of a strong RSI bounce within its channel for Ripple
Here is another view, $2200 support should hold
I took a small position at $2300
Also BCHBTC chart has been great since almost 2 weeks
BCHBTC is also holding very well
Also any comments on the BTC/BCH chart? Thanks for sharing your knowledge!
Thanks for the chart again, and thanks a lot for the answer