In addition to a triple bottom, there is a strong formation that appears to be nearing completion.
This is further substantiated by a rising which, upon breakout, should also complete the rest of the handle.
A break above the 0.00000517 neckline will confirm this pattern, which is where buy orders should be placed.
1d MAC D and provide upward growth.
Please be aware the bitcoin/bch whales are playing tug o' war and it may effect how this plays out either way. So please
exercise caution and use stop losses.
Again. Bitcoin and BCH have been wildly unpredictable and drag majority of the alt markets with them at any given time.
Looks like we peaked at 536 last night after the break of the 517 neckline of the c&h. Didn't quite reach the 56x level to re-test the previous swing high, and the run up was stymied by btc's pullback (which dragged most of the alts with it).
So we have been in a slow bleed back down to the 49x area.
I am not advocating entering as of this moment due to the muddled holiday market, but for anyone interested, here is what I'm noting.
There is a bullish divergence pattern on the 15 minute chart, and 491 marks a strong area of support at 0.5 retracement.
RSI indicates a very oversold market on almost all time frames with a lot of room to grow.
I am expecting some sort of small rise from this area, *maybe* back to the 517 neckline area of the previous cup and handle. However, if it reaches this point and doesn't proceed further, it will be in the process of completing a h&s pattern which may indicate further bearish movement down.
I'll keep a close eye on this, but as of right now I probably would not touch this market unless you are of the gambling persuasion. But hopefully there is a bounce in this current area.
We're going to have to pull back over the 100ema and ichi to confirm a flip back into bullish territory.
Larger time frames definitely look like there is much room for another push.
My target is 56x if we go up. At which point I will probably be closing out my position and re-shorting as I anticipate some type of correction. :)