chwi03

BCH still in holding pattern

COINBASE:BCHUSD   Bitcoin Cash / Dollar
I've drawn the two-week channel with blue lines. Currently this channel has a high end of approximately 2600 and a low of 2188, with BCH currently in the middle of this channel. In the last two days, we have seen it change from a gradual falling wedge to sideways trading between 2300 and 2440. This morning it climbed up to 2500, but reversed at the green line which happens to correspond to a weak 1-week resistance line from a double-top formed Dec 31st.

For today, I see trading from 2300-2500 range most likely, with a possible upward break to 2600 based on today's general market momentum, but nothing significant happening unless we break one of the two blue channel lines.
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