BCH Bitcoin Cash ABC bearish signal
From the swing low to the current price is up almost 500% in a few months, seems like a correction would be a reasonable expectation.
Other reasons pointing towards a correction:
- Ending fifth wave diagonal forming,
- higher highs are translated into lower highs on the RSI (the RSI is just a momentum indicator) to show bearish divergence,
- My rough EW count shows completion, or near completion of the impulse move,
- After volume peaks in April and mid-May volume is now tailing off (I suspect more people than not are failing to see scope of near-term upside),
- MACD moving averages have just crossed over and are heading towards the "zero line",
- MACD histogram has ticked to the downside,
- Bearish Indications on BTC are lining up as well.
Maybe, despite all of these factors, it will continue to go up. Sure.
Just a small note; I like the BCH project and general philosophy. I believe BTC core aiming to be a "store of value" (like gold) at the expense of ease of transaction is anathema to the whole idea of cryptocurency. So the larger block size of BCH, and larger bandwidth / faster transaction confirmation I believe is more appropriate. If the gold market wasn't liquid and it would be difficult to convert gold to fiat I believe gold would have less utility and would be less attractive as a store of value. Despite my views on BCH, everything can be a bad buy (I wouldn't call it an investment) given the wrong price and /or wrong timing. Here, I think we have at least one of the two factors, and maybe both.
Good luck everyone, protect those funds. BTW I am not short BCH, I just have an expectation that a correction is inbound.
Other reasons pointing towards a correction:
- Ending fifth wave diagonal forming,
- higher highs are translated into lower highs on the RSI (the RSI is just a momentum indicator) to show bearish divergence,
- My rough EW count shows completion, or near completion of the impulse move,
- After volume peaks in April and mid-May volume is now tailing off (I suspect more people than not are failing to see scope of near-term upside),
- MACD moving averages have just crossed over and are heading towards the "zero line",
- MACD histogram has ticked to the downside,
- Bearish Indications on BTC are lining up as well.
Maybe, despite all of these factors, it will continue to go up. Sure.
Just a small note; I like the BCH project and general philosophy. I believe BTC core aiming to be a "store of value" (like gold) at the expense of ease of transaction is anathema to the whole idea of cryptocurency. So the larger block size of BCH, and larger bandwidth / faster transaction confirmation I believe is more appropriate. If the gold market wasn't liquid and it would be difficult to convert gold to fiat I believe gold would have less utility and would be less attractive as a store of value. Despite my views on BCH, everything can be a bad buy (I wouldn't call it an investment) given the wrong price and /or wrong timing. Here, I think we have at least one of the two factors, and maybe both.
Good luck everyone, protect those funds. BTW I am not short BCH, I just have an expectation that a correction is inbound.
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