Bitcoin Cash, BCH made a Bear Trap Move and Going Towards 900

Since my last post on BCH' showing the potential made a huge rally the past few days making a big step towards confirming a mid-term low at least. The bottom formation was still valid as long as it would stay in the green zone. That bear trap produced a huge counter move bringing the price in almost a straight line to the resistance level at 600. A break of this level would confirm a higher high on the mid-term and would confirm a bull trend on this time frame. For the long time frame we need much more upwards movement, but lets take it step by step.

For now i have a target of around 850/900 for BCH'. On the right we can see a possible bull flag. So unless Bitcoin' makes a break of the 6500ish level, i expect it to move sideways a bit. Make a correction in time in this bull flag, gain strength and make a solid support in the bull flag before making another attempt to break the 600ish. For the bull flag pattern i want to see the green support at 550/540 hold.

If the bull flag plays out, we could see another fast and strong move up like we have seen the past days.




Previous analysis:

Comment:

BCH is still looking very strong, and the price has been moving as it should, staying perfectly inside the range of a nice bull flag. I have changed the trend lines of that flag a bit. Nobody likes a drop when they have a long position, but this has a better foundation than those crazy pumps. Now we need to see the price get above the 570 again, if that happens the chances increase that we see a bullish break of the flag. Otherwise we could get a lower high in this bull flag and price could drop again. The green support has to hold.

Comment:

The flag looks very good and solid, Bitcoin is getting a little resistance now, otherwise it would have broken up already. So unless Bitcoin drops below the 6400 again, it should be a matter of time until we break this flag and make another move up. We want to see a high volume break out! Something we always see with BCH, so should not be an exception this time.

Comment:

And there it is, the breakout of BCH. Looks pretty strong so far. Bitcoin took a little hit but is turning up again as well

Comment:

BCH is still looking very good, strong volume breakout and we are above the daily resistance. At the moment it looks like it is making a small bull flag again. The target of the bigger bull flag is around 670/700. So we still have a long way to go. But to reach this target, i think Bitcoin needs to move up and probably even needs to break that big resistance zone of 6470/6500.