BCH is forming an ascending broadening wedge and can break down anytime
To catch this trade we have 2 possibilities

1) We get confirmation that the pattern is a valid one once support trend is broken and we can place a short order
2) We retrace to one of the horizontal support levels and get a rejection, this would imply a partial decline and we can place a short order

TP as mentioned in the graph
Comment: Found resistance at 557, i have taken some position here
Trade active
Trade closed: target reached
This is a great video! I’m using this with Spectro Indicator and I’m getting good results so far. You should check it out.
very nice
@mxd3, Thank you for your support!
This will simply follow BTC...if BTC breaks the 6630 resistance, you will see upside, regardless of where BCH closes...just my opinion
Could it go over 600?
adams025 skylord66
@skylord66, right now I would say there’s a higher probability it goes to $500 before it goes to $600.
skylord66 adams025
Ok..I'm new to charts, still learning..Would it help understand the next move by hourly candlesticks? red or green..
Grimland skylord66
@skylord66, it could go over 600 but like Skylord66 has said, it's unlikely.
It depends on the candlestick pattern, for example in this situation, if we get a candle that closes below the support trend it confirms our ascending broadening wedge. If we get a green candle above 557 resistance, we can expect some more upside and can look for a reversal candle at 566 or 586 resistance to enter position.
+1 Reply
skylord66 Grimland
Good info..Now the hourly candlestick may close red around , say (545-550) , is this likely to go down further..or still wait for the next one?
Grimland skylord66
@skylord66, We need more information to have a better idea. For now, i have taken some position arround 557 resistance and a tight stop loss above, if the market choses to go up more, my stop will be hit and we wait for a possible new entry.
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