After a crypto Christmas sales ended, BCHUSD is now moving in range forming ascending triangle. If we look back at the beginning of the month where BCH moved from 1500 level to 2000 with in couple hours lead to an oversold level and following by strong selling pressure. When a selling pressure cool down, price is moving in an parallels channel before another upward breakout and have a wonderful ride to 4000 in less than 48 hours.
Once again when we hit 4000 level in December 18. BCHUSD was trading in an oversold area and without doubt it follows by a strong sell. Now we can recognise an ascending triangle formation and after BTCUSD jumps 10% today. We can wait for either upward or downward breakout pretty soon.
Play safe, buy after a upward breakout confirmation. If you open a position now make sure to cut your loss when price fells out of the ascending area.
Once again when we hit 4000 level in December 18. BCHUSD was trading in an oversold area and without doubt it follows by a strong sell. Now we can recognise an ascending triangle formation and after BTCUSD jumps 10% today. We can wait for either upward or downward breakout pretty soon.
Play safe, buy after a upward breakout confirmation. If you open a position now make sure to cut your loss when price fells out of the ascending area.
Trade closed manually:
Unfortunately the price falls out of the area, if you have cut your loss in the first confirmed breakdown candle then sit tight and wait for the next move. Those who have open positions, now it's a good time to close your trade.