BCH has had a great week.

A really great one.

Bouncing from $372 all the way up to $450 on Binance. 

So the question is, is $500 next?

Probably not. Here's why.

BCH took a really long bullish candle to get from it's$372 price to its current price. That is a really bad thing from a technical analysis stand point.

Uptrends should begin and slowly proceed with time as the deciding factor. Breaking out in less than 30 minutes was a good thing for swing traders, but for everyone else, it might spell doom soon.

Emphasis on "might".

BCH is currently trading at $440 on Bitstamp. Any decent technical trader would notice that it is contained in a rising wedge pattern. Not usually a good sign.

Couple that with the fact that BCH is ranging in a tight pennant-like structure, and the fact that RSI shows overbought conditions. Things aren't looking too good for BCH.

Of course it could defy my puny analysis and breakout to $500. There are basically no important resistance points that have been tested more than twice that need to be broken.

This is great stuff because it means that it can keep going higher. 

But the bearish bias means that it might also fall back to it's support. That is, the support it ranged on before the breakout.

Either way, only time would tell.

Thanks for reading.

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