Bitcoin Cash Price Analysis [Sept. 18th, 2019]
[Note: This analysis was originally conducted on September 18th, 2019, but the forecast is still valid to this point in time since we did this price analysis on the daily resolution as always; viva la not staring at charts all day nervously trading for pips!]
No telling how long its been since we’ve taken a strong look at Bitcoin Cash.
Given its strong price action as of late, it seems like there may be no time more appropriate than now, however!
Let’s see what its showing us.
There are a slew of underlying supports and overhead resistance points on the daily resolution, as we can see above.
Let’s check out the max overhead resistance point:
Max overhead resistance = $353.92 ; dictated by the long-term overhead resistance
Let’s zoom out to see it in full:
Exponential Moving Averages (EMA)
Currently, the price is still above the EMA-50, but the EMA-100 and EMA-200 on the daily stand as stark overhead resistance points (major).
The underlying support is strong, at least, though and we can see the EMA 9 crossing above the EMA 26.
This just doesn’t seem like a good trade with any sufficient R/R; no entry for the time being.