Dear my friends,
BCH has experienced a strong upward movement, driven by a significant FOMO (fear of missing out) effect, pushing the price up to its current level. However, when looking at the price chart, overbought conditions can be observed on both the daily and 4-hour timeframes, prompting me to analyze smaller timeframes. On the 1-hour timeframe, I have noticed two consecutive instances of bearish divergence on the RSI indicator. Despite the decreasing trading volume and a dominant selling pressure, the price continues to rise. Based on these observations, I predict that the price will drop below the $200 range and return to the $130 range. I hope these insights will help new traders avoid succumbing to further FOMO.
Thank you!
BCH has experienced a strong upward movement, driven by a significant FOMO (fear of missing out) effect, pushing the price up to its current level. However, when looking at the price chart, overbought conditions can be observed on both the daily and 4-hour timeframes, prompting me to analyze smaller timeframes. On the 1-hour timeframe, I have noticed two consecutive instances of bearish divergence on the RSI indicator. Despite the decreasing trading volume and a dominant selling pressure, the price continues to rise. Based on these observations, I predict that the price will drop below the $200 range and return to the $130 range. I hope these insights will help new traders avoid succumbing to further FOMO.
Thank you!
