BCHUSD Bitcoin Cash Decision Time

BCH looks like its ready to make an important decision. Do I move up, or do I move down? Personally I'm bullish on BCHUSD but am cautious this may retrace further. I'm setting a buy trigger at 1640 with stop loss at 1500. If buy doesn't trigger, no harm done :)

Comment:

Bitcoin cash just jumped back into the upper channel. If bitcoin continues downwards, BCHUSD up trend could continue. Perfect timing - a little too perfect...

Comment:

I bought at 1570 as it's forming a flag signaling further upward movement. Stop loss at 1370. If you want a safer entry buy above the top the flag.

Disclaimer: I'm a bitcoin hobbyist and have no professional training or experience. The information I provide is not to be taken as financial advice. You must take responsibility for your own trading decisions.

Comment:

I'm raising my stop to 1518. BTCUSD (Bitcoin) has remained strong following the 10% drop earlier today. I believe BCHUSD (Bitcoin Cash) may drop lower from here as I currently don't see Bitcoin dropping materially further unless we get a whale dumping their holdings or some bad news comes out - and unless you have a magical crystal ball we can't rely on either of those.

My objective here was to capitalise on a BTC drop which could cause BCH to rise. As Bitcoin is remaining strong, once BCH leaves the pennant it is currently in to the downside, it becomes a losing trade. Loss of 3.3% I can live with. Upside potential was much greater.

Trade closed: stop reached:

Trade stopped out. I'll be looking to buy again if it gets back into the upper channel.

Comment:

It's back in the upper channel if you're interested...