Crypto Screener › Forums › Bitcoin Cash (BCH/BCC) Forecast – Technical Analysis › Bitcoin Cash (BCH/BCC) Price Analysis – November 2018 › Reply To: Bitcoin Cash (BCH/BCC) Price Analysis – November 2018
Bitcoin Cash started off the month of November with a bang, gaining more than 40% against Bitcoin and leaving many traders entering the market at higher levels. Taking a look at the 1 hour candle chart to get an idea of the shorter term situation.
I illustrated the possible bullish channel that the price action might take, however I will use it more as a guide to signal a bearish move. Unfortunately there is a divergence between the price action and the momentum, for those that follow my reports this will be nothing new, for those just tuning in, I like to use divergences as future indicators for price action.
In this case the divergence is clearly a bearish one so I will look to the bottom of the channel for support, and should it fail, I would expect prices to test previous support levels. No trading method has a 100% success rate so should the divergence fail to play out I will look to the MA for a possible buy signal on the shorter term.
Support is currently at 0.089 on the short term and resistance is at 0.0922 btc, in my opinion. Like I mentioned above, should this support zone fail, expect the correction to carry on into the lower price zones. Safe trades.