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Bitcoin Cash Technical Analysis: Bearish Chart Pattern Formation

Conclusion for today’s Bitcoin Cash Analysis: Price closing below ~303.31 implies further downside in Bitcoin Cash.

Bitcoin cash technical analysis for today examines the cryptocurrency on a Daily timeframe using a log scale. Price action from July 20, 2018 till current date is presented with the period including the previous downtrend in Bitcoin Cash that terminated on December 16, 2018.

Bitcoin Cash technical analysis

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A bullish trendline is used to highlight the current uptrend since December of 2018, as well as the 200 Day moving average which lies just below the trendline. Price action from April 04, 2019 to current date appears to be working on the formation of a complex, Head and shoulders top pattern.

The aforementioned pattern is ideally bearish and therefore implies lower prices in Bitcoin Cash. A major requirement however is that price must close below the neckline of the pattern for chart pattern confirmation. July 15 2019 price low of 251.23 is sufficient as confirmation as it lies closest to the neckline.

The width of the pattern is indicated on the chart and can be used for price projection (upon confirmation) to obtain the minimum estimate for the bearish move.

Less conservative strategies that involve selling prior to a break of the neckline involves initiating a short trade as soon as the 303.31 price level gives way to the downside. A break below the bullish trendline and the 200 Day moving average (both of which provide support) do increase the chances of price following through to the downside.

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Our previous Bitcoin technical analysis  before the current price rally was also posted for FREE and can be found here.

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Cardano Technical Analysis: 6 Hour Timeframe Bearish Chart Pattern

Cardano analysis for day is carried out on an intraday (6 hour timeframe) that shows price action from September of last year till present date.

The complex, inverted head and shoulders (or complex head and shoulders bottom) did provide temporary bullish momentum upon confirmation of the chart pattern. This was immediately followed by resumption of the major downtrend in Cardano price since May of 2018 (not shown here), when price closed below ~0.00000830.

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Cardano forecast. Cardano price prediction.

A falling wedge (ideally bullish) chart pattern is used to provide perspective for the current downtrend in Cardano since April of 2019. It is currently likely for price to continue falling to the 0.00000394 price level before any bullish swing can be sustained.

An eventual break above the upper boundary of the wedge (diagonal) can be expected to provide the first sign on of a bottom for price action if confirmation is provided by a momentum indicator e.g. RSI (relative strength index).

0.00000599 price level is marked on the chart as it is the level that was reached by the bullish spike in price on August 05, 2019. Therefore, price successfully closing above the previous failed bullish attempt at 0.00000599 and also upper boundary of the diagonal increases the chances of a sustained bullish trend in Cardano.

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Our previous Bitcoin technical analysis  before the current price rally was also posted for FREE and can be found here.

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Zcash Analysis: 6 Hour timeframe Chart Patterns

Conclusion for today’s Zcash Analysis: Continue reading Zcash Analysis: 6 Hour timeframe Chart Patterns

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Peercoin Bullish Opportunity: Daily Timeframe Analysis

Conclusion for today’s Peercoin price analysis: Continue reading Peercoin Bullish Opportunity: Daily Timeframe Analysis

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QQQ Technical Analysis: Bullish Move Not Yet Complete?

Conclusion for today’s QQQ analysis:  The current sell off is limited and bullish momentum re-established.

The Daily timeframe chart of the NASDAQ ETF ( QQQ ) is presented on a Daily timeframe with price action coverage from December 2018 to Friday market close last week (August 02, 2019).

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QQQ Analysis

The overlapping price pattern from June 17, 2019 to June 30 is interpreted as a rising wedge pattern in the QQQ . A break below the rising wedge on July 31 implied confirmation and therefore the sell off that ensued.

The bullish trendline in the QQQ is plotted from December 24, 2018 and should play a key role in monitoring future price development and a potential change in trend.

The 200 Day moving average is also indicated to help provide context for price action. The QQQ remaining well above its 200 Day MA can still be regarded as bullish despite the recent sell from the price peak of ~195.55 reached on July 26, 2019.

Immediate support for the ETF is anticipated between 181.55 and 182.21. This coincides with the bullish trendline since December 2018 and therefore crucial moving forward.

Lack of support at the trendline suggests looking for the 200 Day to establish support prior to the resumption of movement to the upside.

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