EthanTW

BCHUSDT keeps Converging and timing to open!/Trading strategy

Long
BYBIT:BCHUSDT   BCHUSDT Perpetual Contract
BYBIT:BCHUSDT
1H trend chart
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BCH has been consolidating in a convergence formation for a while.
We could notice there is a double pattern formed, and its neckline becomes a short-term support zone .
If price can break out the upper downtrend line, it's time to entry, and trading strategy as below.
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Profit Targets:
a) 618.45----Fib(1)
b) 632.3~637.95----Fib(1.272~1.382)
c) 669.45-----Fib(2)

Stop losses:
a) I'll set up if the downtrend line are taken out around here.
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