BCH Weekly 5/13/19: Ludicrous Mode Active.

2019년 5월 13일

After the impressive rally yesterday, I am thinking that we could indeed confirm our bull flag from the April rally. This target feels pretty crazy to me but I have made what seemed like outlandish predictions on BCH before and it confirmed them to my surprise. This time I’m just going to go with it and call 475 as our upside target. Being that BCH tends to overshoot everything I would not be surprised to see us run all the way up to 638 and then pull back quickly.
This being said we hit the top of our gap from the SV fork and bounced off pretty hard which I expected in the moment and used to accumulate a little more. I also caught two 3% scalp trades during the insane volatility that immediately followed. Our RSI the high side of neutral at 56. MacD is showing clear bullish momentum. We bounced off our 50ma, which happened to coincide with our old price action at the top of our gap. A break of 383.09 could signal our next leg up and weekly RSI says we have room BUT keep in mind that this is still the highest we have ever been on the weekly RSI. We have a clear bull flag break out on the weekly and most indicators bullish. We could pull back to around 360 and remain bullish. And as we speak, we are breaking 383 WOOT!