Time to take a look at the Bitcoin Cash markets again as Bitcoin approaches the BTG hard fork. I bought some Bitcoin Cash at higher prices (long term), about $330 and I am looking to add more BCH to my long position. Please bear in mind that BCH is a relatively new market and should be viewed as a high risk trade.  With all that in mind here is the purely technical view.

The BCH/BTC market has been falling since it hit a high of 0.48 btc in August. I would put support around 0.05 btc and if that level would fail we could see even lower prices vs Bitcoin.

On the daily chart the MACD is indicating that we are in fact seeing more buyers than sellers at this point. Notice I marked in green the spike in volume around the same time. This could very well be smart money jumping into the market.

We will see direction soon enough, maybe as soon as the 25th or 26th. I am looking to trade the breakout on this one. Keep an eye on 0.06 btc.

Safe trades.

  • This reply was modified 1 year, 6 months ago by margincall margincall.