upekha
Long

BCH - Bitcoin Cash Correction to 800$ - then Breakout

BITFINEX:BCHUSD   None
Bitcoin Cash seems to be forming a bullish falling wedge with five major touches indicated by the triangles. There is an abundant number of trendlines indicating a movement towards point Z at around 800$.

A good strategy would be to buy gradually every time it hits the lower side of the last triangle. Don't wait too long though, the breakout looks to be enormously bullish!

At least so far, the movement in the last triangle seems to mirror the movement in the second triangle.

[Basically all trendlines were already established in my earlier post, written before the most recent bounce up to 1200. I am surprised how accurately these lines continue to form supports & resistances in the last triangle.]



Comments

looks like we blew through it.
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Point Z has nothing to back it up. bch looks more probable to form a cup going up to 1600 before consolidating on 1200 where most of the support seem to be.
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upekha Xamton
@Xamton, It does! Besides it being the first major support level above 600, there are multiple trendlines leading to it.
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