Hello Traders
Today's chart will be an update on BCHUSD!, Potential inverse head and shoulder!
Points to consider
- Potential Inverse head and shoulders
- Volume declining on right shoulder
- Calculated target would be a potential double bottom
- VPVR showing low volume of transactions after support
- EMA’s acting as resistance
- RSI putting in lower highs
- Next potential support will be the .618 Fibonacci
BCHUSD may potentially be putting in an inverse head and shoulders which is a very common bearish formation. Confirmation will be a break of the neck line which price is testing right now…
Volume has clearly declined on the right shoulder and with EMA’s providing resistance to price, BCH is probable of breaking its Neck Line. The calculated target of this Inverse head and shoulder will potentially retest yearly lows.
This makes clear sense as there is low volume of transactions according to VPVR after the Neck Line, bears could easily plummet BCH. RSI is putting in clear lower highs, showing us a potential bearish divergence; again giving bears an upper edge
What are your thoughts? Will this be the beginning of capitulation for BCHUSD and all other ALTS?
Please leave a like and comment
And remember,
“All you need is one pattern to make a living.” – Linda Raschke
Today's chart will be an update on BCHUSD!, Potential inverse head and shoulder!
Points to consider
- Potential Inverse head and shoulders
- Volume declining on right shoulder
- Calculated target would be a potential double bottom
- VPVR showing low volume of transactions after support
- EMA’s acting as resistance
- RSI putting in lower highs
- Next potential support will be the .618 Fibonacci
BCHUSD may potentially be putting in an inverse head and shoulders which is a very common bearish formation. Confirmation will be a break of the neck line which price is testing right now…
Volume has clearly declined on the right shoulder and with EMA’s providing resistance to price, BCH is probable of breaking its Neck Line. The calculated target of this Inverse head and shoulder will potentially retest yearly lows.
This makes clear sense as there is low volume of transactions according to VPVR after the Neck Line, bears could easily plummet BCH. RSI is putting in clear lower highs, showing us a potential bearish divergence; again giving bears an upper edge
What are your thoughts? Will this be the beginning of capitulation for BCHUSD and all other ALTS?
Please leave a like and comment
And remember,
“All you need is one pattern to make a living.” – Linda Raschke