THELOGICALINDIAN - The latest Bitcoin Cash abstruse assay wades through the FUD belief and an allout cryptowar to amount out whats in abundance for BCH amount with the looming hardfork
Bitcoin Cash Technical Analysis
Bitcoin Cash (BCH) [coin_price coin=bitcoin-cash] is nice and bubbling on the apprehension of the November 15th fork. Currently, BCH amount shorts are outpacing longs and abstracts from Bitfinex shows that BCH shorts are about bifold the cardinal of accessible longs.
Bitfinex and Polo are acknowledging BCHABC and BCHSV markets and to be honest, annihilation could appear at this point on November 15th, so traders should be able and acceptable the change of clip and action.
BCH has cooled off a little bit back leaping added than 50% to cleft a two-month aerial aloft $646 and the accepted fasten in abbreviate positions is not hasty accustomed that aperture such a position is archetypal back an asset has accomplished a top bound with little supports in amid the low and high.
To be honest, administering a abstruse assay on BCH appropriate now is a little ‘speculative’ as swathes of traders are ambience up positions to either accretion from a massive amount fasten or dip, while abounding others are entering BCH for the chargeless bill afterwards the hard-fork.
Also to accumulate in mind, absolute absorption in Bitcoin Cash, according to Google Trends data, is still non-existent compared to Bitcoin [coin_price].
As mentioned earlier, annihilation could appear so accumulate an eye on your charts!
Daily Chart
The circadian blueprint shows BCH affairs aback acutely from the contempo aerial and the attendance of doji candles advance some amount ambiguity which is cogitating of the abreast 50-50 breach amid the BCH-ABC and BCH-SV association as miners, investors and whomever abroad ability be complex chooses a side.
The 20-MA appears to be activity as a solid abutment (aligns at 61.8% Fib Retracement ($500)) and currently BCH rides forth the 100-MA. The RSI has started to ambit advancement into bullish area as the 50-MA kisses the 20-MA and the MACD is beyond and hardly descends from bullish territory.
If BCH avalanche beneath $500 it could bound bead bottomward to $460 (below the 50-Ma) and if this abutment gives way a abounding amend is on the cards.
Traders should accumulate a abutting eye on archive beyond assorted exchanges and bethink that column angle sell-off of BCH ABC and BCH SV could action so try and abide impartial.
[Disclaimer: The angle bidding in this commodity are not advised as advance advice. Market abstracts is provided by BITFINEX. The archive for assay are provided by TradingView.]
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Images address of Shutterstock, Trading View. Market abstracts sourced from Bitfinex.
