BCH on the Daily. So They call it a Falling Wedge, Eh?
Well, this has been very interesting, indeed! I see some calling out the "Falling Wedge" pattern on BCH. I would have to agree. In a perfect world, this could signify a reversal -- but this is not a perfect world. Let's see what should happen with BCH if it wasn't tied to BTC by the umbilical cord. But first how about...
Some technicals:
We are trading below the 50 dma [BEARISH]
The overhead trendline is intact meaning no higher prices are being probed. [BEARISH]
BCH produces a new lower low [BEARISH]
Trading idea:
Theoretically, you would consider buying on the top of the upper Orange trendline. The yellow line would be your stop-loss price level $101.xx.
Theoretically, this price pattern could be expected to deliver the distance of the opening of the wedge or about $72.00 in profits, if this was a perfect world.
BUT, because of the way cryptos trade, there can be NO expectation that this will happen. But if someone was so inclined to take this risky trade on, I hope this gives you some idea of how it should be considered.
I have noted the area in which I am a buyer. I see value under $80.00.
As always, I hope this helps you make informed investment decisions and gives you an idea on my perspective of this type of trade. If you find value in my TA, leave a Thumbs-Up and don't forget to follow me on Twitter for my real-time chart ideas and life events!
Some technicals:
We are trading below the 50 dma [BEARISH]
The overhead trendline is intact meaning no higher prices are being probed. [BEARISH]
BCH produces a new lower low [BEARISH]
Trading idea:
Theoretically, you would consider buying on the top of the upper Orange trendline. The yellow line would be your stop-loss price level $101.xx.
Theoretically, this price pattern could be expected to deliver the distance of the opening of the wedge or about $72.00 in profits, if this was a perfect world.
BUT, because of the way cryptos trade, there can be NO expectation that this will happen. But if someone was so inclined to take this risky trade on, I hope this gives you some idea of how it should be considered.
I have noted the area in which I am a buyer. I see value under $80.00.
As always, I hope this helps you make informed investment decisions and gives you an idea on my perspective of this type of trade. If you find value in my TA, leave a Thumbs-Up and don't forget to follow me on Twitter for my real-time chart ideas and life events!
