stewdamus

Long Bitcoin Cash (BCH) to $310

Long
stewdamus Updated   
COINBASE:BCHUSD   Bitcoin Cash
Trading is slower recently with less than usual decent trade setups. But this looks like a good setup. With VRVP supporting current price with high volume and this coinciding with the bottom of a larger up-trending channel entry here is nearly as good as we can expect. Additionally, our daily RSI is in a fair range.

We do have some resistance to get through. 237 is a level of resistance along with the 100 day SMA just above that. But if those can be defeated, we're well on our way.

Target #1 - 254
Target #2 - 270
Target #3 - 288
Final Target - 311

I plan to take 25 percent off at the first target and raise my SL to break even. Thereafter, every target reached will be another quarter off of my full position and a raised SL to the preceding level.

Risk/Reward on this is a healthy 5/1 with my stop out placed at 222.

Best,
Stew
Comment:
Target one was hit. Took 25% off and raised stops to break even.
Comment:
Target two was hit. Took another 25% off and raised stops to 254. We're all in good profit now.
Trade closed: target reached:
Final target of $311 reached. Sold ALL.

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