BITCOIN CASH (BCH/USD) - Technically Strong Signs & Price Levels
At the moment, the Bitcoin price and the altcoins have started to make a slight correction. Altcoins correction depends highly from BTC but just in case let's prepare for technically good entry areas and currently, let's look where it can be on the Bitcoin Cash chart.
BCH has started to form a bearish chart pattern called Rising Wedge. If the price and if the Daily candle gets a close below the lower trendline and below the $400 then there is a pretty high chance that the price can approach our good entry area. Technically a good entry area stays around $300:
- The round number should work as a support level
- Previous resistance becomes support
- EMA100 & 200 are supporting that strong price level
- Different Fibonacci retracement levels are exactly in this area.
Firstly, prepare for the drop downwards if the Daily candle gets a close below $400 and secondly wait for that possible bounce area. Technically it is pretty good and lately, those levels have worked really nicely on the altcoins.
At the moment, the current trades should be made through the confirmations and a possible bullish confirmation should come after the Daily candle close above $450, the first target is $500. I have to mention this scenario because my major target on BTC is still $10,000, nothing has changed it, yet!
"Learning to accept the risk is a trading skill – the most important skill you can learn. When
you learn the trading skill of risk acceptance, the market will not be able to generate
information that you define or interpret as painful."
– Mark Douglas
Feel free to support my effort by hitting the "LIKE" button, it is my only fee from You!
Have a nice day
Cheers!
BCH has started to form a bearish chart pattern called Rising Wedge. If the price and if the Daily candle gets a close below the lower trendline and below the $400 then there is a pretty high chance that the price can approach our good entry area. Technically a good entry area stays around $300:
- The round number should work as a support level
- Previous resistance becomes support
- EMA100 & 200 are supporting that strong price level
- Different Fibonacci retracement levels are exactly in this area.
Firstly, prepare for the drop downwards if the Daily candle gets a close below $400 and secondly wait for that possible bounce area. Technically it is pretty good and lately, those levels have worked really nicely on the altcoins.
At the moment, the current trades should be made through the confirmations and a possible bullish confirmation should come after the Daily candle close above $450, the first target is $500. I have to mention this scenario because my major target on BTC is still $10,000, nothing has changed it, yet!
"Learning to accept the risk is a trading skill – the most important skill you can learn. When
you learn the trading skill of risk acceptance, the market will not be able to generate
information that you define or interpret as painful."
– Mark Douglas
Feel free to support my effort by hitting the "LIKE" button, it is my only fee from You!
Have a nice day
Cheers!
