We are looking at Bitcoin Cash ABC (BCHABC or BCH, depending on which exchange you are using) long term, weekly time frame, and the charts are starting to look quite bullish... Let's take a look:
Bitcoin Cash ABC touched bottom on early December 2018 just like Bitcoin, so Bitcoin Cash knows how to follow its dad. Anyways, after this low an uptrend formed, we know this by noticing higher highs and higher lows.
The growth stopped when BCHABC hit EMA50 (magenta line), which led to a retrace up to 0.618 Fib retracement from the last wave.
Now, this is where I see the bullish setup... There is no volume on the retrace. We have a dragonfly doji and still trading above EMA10. So not much down left to do, now we go up as our next move.
Bullish RSI.
MACD is bearish but trending towards the bulls.
With the altcoins market heating up and the phase we are on, it is only a matter of time before Bitcoin Cash ABC takes off.
Conditions for change: The first warning would come as a close below EMA10. The uptrend line (red dotted) still remains as support, but if BCHABC closes below 0.037000, then our bullish view is damaged and a new analysis is needed before the next call.
What's your take on Bitcoin Cash ABC? Share your thoughts in the comments section below.
This is Alan Masters, thanks a lot for your continued support.
Thx for sharing. I believe in your red line before next up.
Bchusd has started its abc, and i would surprised me if bch outperforms btc now short term.