Bitcoin Cash Turns Bullish Or Bearish Impulse? & Bitcoin

10월 31일

This is a very interesting chart. I am going to assume that you are reading my other publications, and will weave some of the information shared on some of those on this one.

I mentioned how Bitcoin produced a higher high in November 2021 and then went into correction mode. This differed with many Altcoins that peaked in mid-2021 and failed to produce a higher high. Bitcoin Cash is one of those.

➖ In May 2021 BCHUSDT (Bitcoin Cash) produced an All-Time High and then started a major correction.

➖ Notice how a rounded top leads to a drop that pushes prices below MA200 (left side of the chart). The first low leads to a bounce and test of MA200 as resistance. Resistance holds and this leads to a major bearish impulse. This is back in 2021. At this time, Bitcoin is producing a higher high and later crashes.

The situation is the same in 2024.

See how Bitcoin Cash produced a major high in April. Bitcoin went higher and is producing a new high in October/November, now, while Bitcoin Cash and the rest of the Altcoins stay behind. This is the revealing signal.

We are now looking at the right hand side of the chart.

➖ A rounded top leads a drop that pushes prices below MA200. MA200 is confirmed as resistance and then comes the bearish impulse.

Bitcoin Cash is set to move lower based on these signal.
Bitcoin is set to do the same in the coming days.

Conditions for change

If BCHUSDT can move and stay above MA200 weekly on super high volume, bullish potential becomes active. Any trading below this level and we expect a major crash.

Any trading below the April 2024 peak price keeps this pair strongly bearish unless we see oversold conditions, that is, a major low is hit.

Thank you for reading.

I hope you find this information useful.

Namaste.