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๐Ÿ“ˆ Daily TA: Bitcoin Cash (BCH/USD) | 25-12-2021

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cryptospa
@cryptospa
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Hodl, dear members of LeoFinance!

Today I would like to share with you something important on the price chart of Bitcoin Cash.

So, in the weekly chart (1W), BCH/USD has dropped once again to the neckline of the Triple Bottom: As can be seen from the chart, right now, the price is testing the neckline. The neckline serves as a support line at the moment. I would like to underline that the Triple Bottom formed during the Bear Market in 2018-2020. Also, it is considered a typical trend reversal signal. So, let's hope that this time BCH/USD receives enough support from the neckline, rebounds, and then an uptrend starts.

For this to happen, I would like to see, initially, BCH/USD returning to the trend line in the daily chart (1D): As can be seen from the chart, BCH/USD has dropped below the trend line (uptrend line). That's why, for now, I will stay away. I would like to see a reliable bullish signal in order to enter the market. Once again, I consider a potentially bullish signal if the price returns to the trend line.

Also, for the price of Bitcoin Cash to return to the trend line in the daily time frame (1D), first, in the 4-hour time frame (4H), BCH/USD has to exit the Descending channel (downtrend) in the upward direction: So, I will keep an eye on the different technical patterns in the different time frames. If a positive signal appears I will inform you.

To be continued ...

As of the time of writing, one BCH costs $457,11 on the Coinbase crypto exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years and as a cryptocurrency analyst for the last 4 and a half years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

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