botje11

BCH Bitcoin Cash Ready to make a Bull Flag?

BITFINEX:BCHUSD   Bitcoin Cash / U.S. Dollar
Bitcoin' has moved up from 450 to 650 since i posted my first post a week ago, so far it has confirmed the bear trap counter move. It has moved up 50% and assuming the extreme days belong to the past, we can assume things will slow down a bit the coming week or so. There has been a lot of talk about the hard fork later this week, I personally choose to ignore it. I will let the chart tell me what the next step will be. Because if the chart shows the market will dump BCH' around the hard fork, we will see the signals in the chart. Because hard forks are not new anymore, people are better prepared nowadays so my assumption is we will see those steps develop in the chart.

We could be making a big bull flag the coming days, it's almost weekend so that would fit this picture as well. So long term, i want to see the price stay above the 570ish, with a max drop to 540ish. Short term, we can see a channel in the making. It looked like a bear flag at first but it was becoming a bit too big. Therefore i expect it to find support again around the green level (red line), the channel already broke while writing this.

A lot will depend on Bitcoin' as always, which is finding a lot of resistance as i am writing this at the 6500. So it will be a bit tricky. If BCH' drops less than Bitcoin', we can assume that we will move up again from the green support zone .



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Thank you Botje. Can it repeat this sequence?

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Nah. Daily flag would take too long. It needs to breakout or not before hardfork 15th,usually a week before or so so friday sat sunday is the endgame for this coin.
+2 Reply
botje11 Turningmecard
@Turningmecard, the whole market is aware of a possible drop at after the fork, so I don’t expect anything aggressive until than. Would be best for the bulls of course if it does happen
+1 Reply
Thanks for your activity friend, sharing my idea with you. Soon, time to buy:
Reply
Thanks David, any BCH updates until the fork would be greatly appreciated. Keep up the excellent work!
+2 Reply
@M5AV, I will certainly update again :)
+1 Reply
david what is the buy point?
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