After taking a powerful in Dec 2018 the price action made upto 608% big move after that the price action is going through the price correction period since Jun 2019 Upto Dec 2019.
Now the price action is hitting 0.786 of lowest point of Dec 2018 to highest point of Jun 2019.
With the price correction the price action has also formed a with four touches at the support of the , this time the priceline has hit the spike beyond the lowest band of and hit the support of the and like to have a bounce form this point.
The moving averages:
If we see the moving averages then on day chart the 10 is likely to form a golden cross with 20 like it formed in Oct 2019, at this time the 10 is crossing down the price action to lift it up then it might form a golden cross with 20.
It will be 1st golden cross of above said exponential moving averages since after death cross which was formed on 17 Nov 2019 but this time the price action has already hit the support of therefore this time we can have more powerful than the previous move Oct 2019.
The true cloud reversal:
On 4hr after 12 Nov 2019 the is proper reversed to 1st time after 12 Nov 2019 when it was turned during this time period the cloud was reversed to on 3 Dec but that was clearly false reversal coz at that time the lagging span was failed to cross up the priceline and conversion line was also not able to proper cross up the base line but this time we can see very clear the lagging span has proper crossed up the candle sticks and conversion line has also crossed up the base line in very obvious manner and the cloud is also turned therefore this time the cloud reversal is likely to be very true.
The ( ) was oversold and now it has turned strong on the other hand if we see the then it was also oversold and now turned strong by giving bull cross from oversold zone and the moving average convergence divergence ( ) has also given strong signals by giving bull cross.
The move and profile:
The price action of Bitcoin Cash has also formed a which was started since Dec 2018.
After initial leg (X to A) the A to B leg is retraced almost upto 0.618 Fibonacci (there is slight difference of 0.027 Fibonacci but all legs are driven perfectly as required for therefore I have ignored this slight difference and considering it upto 0.618 Fibonacci levels), then B to C leg is projected between 0.382 to 0.886 of A to B leg and finally the C to D leg is retraced between 0.618 to 0.786 Fibonacci level and here the is completed and from this are the potential reversal zone starts.
Now the price action is expected to take between 0.382 to 0.786 of A to D leg as it has already projected and again entered in potential reversal zone but the price line may take another to hit the sell zone as if we see the of complete pattern then it is still showing very less interest of traders below this potential reversal zone of .
So according to this pattern we can set our targets as below:
Buy between: 243.03 to 168.34
Sell between: 301.81 to 443.66
So this time the Bitcoin Cash's move has potential to give upto 163% gains, however our stop loss point would be the base of this potential reversal zone in case of complete candle sticks closes below this .
Atif Akbar (moon333)