I did not pay attention on $BCH until today..
After a release from AntPool about burning tx fee to blackhole address, I looked into its chart. This is clearly a confirmed reversal, a long term reversal of $BCH. The reason is, there's Cup & Handle breakout at the bottom of downtrend. According to Investopedia, C&H at the bottom is a sign of reversal. I heard some people believe C&H only happens during bull trend. But, I believe it's also a reversal if happens in a bear-trend.
In addition to C&H, we can see clearly that bulls are managed to break long term down trend and then breakout S/R. we have three confluences here.
But.. I don't have any position yet and not going to chase the candle from here. RSI looks extremely over-bought. Here I'm looking for pullback at 894 - 1063 area. I think that is where it should retrace and hold the support. With more decent RR, I'll jump onto the train.
Target? As I said, it's a long term reversal. So, we don't have a specific target, we should expect a new bull run from here.
Let's see next few days
After a release from AntPool about burning tx fee to blackhole address, I looked into its chart. This is clearly a confirmed reversal, a long term reversal of $BCH. The reason is, there's Cup & Handle breakout at the bottom of downtrend. According to Investopedia, C&H at the bottom is a sign of reversal. I heard some people believe C&H only happens during bull trend. But, I believe it's also a reversal if happens in a bear-trend.
In addition to C&H, we can see clearly that bulls are managed to break long term down trend and then breakout S/R. we have three confluences here.
But.. I don't have any position yet and not going to chase the candle from here. RSI looks extremely over-bought. Here I'm looking for pullback at 894 - 1063 area. I think that is where it should retrace and hold the support. With more decent RR, I'll jump onto the train.
Target? As I said, it's a long term reversal. So, we don't have a specific target, we should expect a new bull run from here.
Let's see next few days