BCHUSD is currently consolidating on the 600 resistance line where it is coming to the end of a large bullish descending triangle. BCHUSD is creeping ever closer to the divergence of this triangle and I expect break out any day now. If break out is up hopefully this finishes off wave 2 correction and starts wave 3 for some gains. If this does begin the next impulse wave, I expect peaks of $970-$1200.
I set my buy zone between 590 and 615. I will be looking for reversal signals in the buy zone and a complete bull candle above wedge to commit to a long.
I set my stop loss at 580 incase of break down. If stop reached, my next buy zone will hover around 560 support.
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With 30 min candles, looks like a break out upwards. RSI and MACD seem to support. Next resistance is 700 zone. I'm going for long.
Stop loss updated to 590 in the event of false breakout.
Trade closed: stop reached
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Failed on 650 resistance and broke down. Looks like more consolidation/down before BCHUSD is ready. Watch it around 550-560 range, thats the next lowest support i see.