Ceddy86

BitcoinCash Expected to Rally to 680

Long
KRAKEN:BCHUSD   Bitcoin Cash / U.S. Dollar
Trend Analysis
The main view of this trade idea is on the 15-Min Chart. The cryptocurrency BitcoinCash (BCH) appears to be in an ascending triangle setup with resistance around the 642.75 price level. BCH held support around the 600 price level and have been making some higher lows over the course of the setup. Expectations are for a breakout from the 642.75 resistance level with a target around 680. Failure of this pattern will be seen with a decline to 600.

Technical Indicators
BCH appears to be in an uptrend with the price trading above the short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. The short term MA has crossed above both the medium and long term MAs. The medium term MA has also crossed above the long term MA. These are bullish signs for the cryptocurrency. Also the RSI is above 50 and there has been a positive crossover on the KST .

Recommendation
The recommendation will be to go long at market, with a stop loss at 600 and a target of 680. This produces a risk/reward ratio of 1.13.

Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. Currently I have exposure to BCH.
Trade closed manually: Breakdown in rally in the cryptocurrency. Will exit and monitor for new position.