Short
BCH: Likely to test supports
I expect to see BCH test the support at 1,170, and then 1,000 in the coming 36 hours.
This meteoric rise is far too fast for my comfort. If it respects the support lines then I'll have more trust in it. But until then I remain wary. This smells of a pump and dump.
All that said, 1h TA isn't exactly know for its reliability -- and our bullish EMA is looking to step above the SMA. So I wouldn't be surprised if we have another short term rally before we test the supports.
This meteoric rise is far too fast for my comfort. If it respects the support lines then I'll have more trust in it. But until then I remain wary. This smells of a pump and dump.
All that said, 1h TA isn't exactly know for its reliability -- and our bullish EMA is looking to step above the SMA. So I wouldn't be surprised if we have another short term rally before we test the supports.
Note
Hit both supports exactly on point. Hammer candle off the 1k support which is a good sign. But wait for a few more closes above before taking it seriously.Note
Get ready for a breakout in the next 1-6 hours.
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