you despise TA, kindly move along

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3 years ago

You can see that BCH was stuck in a long-term symmetrical wedge p

attern for

about two years.. This was an expected corrective phase, following it's meteoric rise in 2018. The price of BCH

broke through the upper resistance of this wedge at the beginning of Ja

nuary, and managed to close two weekly candles above that line, which strongly signals the beginning of a bull run.

It is a well established TA rule that

a breakout cannot be confirmed until we see the former upper resistance acting as a new lower support. As you

can see on the chart, this "re-test" happened last night, and strong resistance was observed. As of now, we're definitely still looking bullish. Interestingly, BCH's rise is beginning to look like the mirror reflec

tion of its fall 😍 **Not trading advice**

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