Crypto Screener Forums Bitcoin Cash (BCH/BCC) Forecast – Technical Analysis Bitcoin Cash (BCH/BCC) Forecasts – May 2018

This topic contains 2 replies, has 2 voices, and was last updated by margincall margincall 1 year, 1 month ago.

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  • #17635
    admin
    admin
    Moderator

    This is the thread for analysis on the Bitcoin Cash markets for the month of May 2018.

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  • #17709
    margincall
    margincall
    Keymaster

    Here is a snippet from my last Bitcoin Cash price report – “Should the bulls fail to step up to the plate and defend the near term support at $1200, we will most likely test $1000. This also happens to be a strong psychological support level for the market and should it fail I will take a closer look at the $800 zones where I might try to catch the bounce.”

    Lets take a closer look.

    bchusd forecast 29 May 2018

    The bearish action has left many traders burnt as they bought the top, the last time Bitcoin attempted to hit $10k. The market has experienced a very healthy retrace in my opinion, well over 50%, which is quite normal for crypto markets.

    The $900 price level has just failed as I am busy writing this report, I will take a close look at the action in the market above $800. The last few dips below $900 was met with buying pressure, should this pressure fail we will revisit the lower $800 zone and possibly into the $700 price range.

    It is important for traders to learn to identify different price action in the various support and resistance zones. This will help you to gain confidence in placing buy/sell orders or patiently waiting for the market action to come your way.

    My long term support for BCH is around $680 and I would expect some good ol bulls to come out should we dip that low. Safe trades.

    #17654
    margincall
    margincall
    Keymaster

    Lets have a look at what the Bitcoin Cash markets have been up to lately.

    bchusd forecast 18 May 2018

    As we can clearly see the market is experiencing a short term bear trend, like most cryptocurrencies at the moment.

    Bitcoin Cash gained momentum in April when prices blasted past $800, we saw some sellers stepping in at around the $1600 mark for some cool 100% gains. This selling pressure increased and we are currently testing the $1000 – $1200 price zone, where I suspect the bulls might have built their floors.

    Should the bulls fail to step up to the plate and defend the near term support at $1200, we will most likely test $1000. This also happens to be a strong psychological support level for the market and should it fail I will take a closer look at the $800 zones where I might try to catch the bounce.

    With that said should the Bitcoin Cash market consolidate above the $1200 this weekend, and going into next week, it will be a sign of recovery for me. Please remember this is all just my opinion.

    Like I mentioned in my Ripple report, the next surge of buying/selling volume will most likely light the way. Safe trades.

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