Weekly update for Bitcoin Cash (BCH/GBP), price has created and held a new Level of floor Support at: £421. Median will be in the range of £472, it appear BCH has had a wick rejection on the candle exactly at a major resistance level of: "£581".
Long term still very bullish, but expect prices to be in consolidation of the range of inbetween: £472 - £581. Any...
Bitcoin Cash will create and hold a new Level of Support at: £421
Resistance is at the wick off £540 roughly, if we close above this on a daily timeframe; price will be heading for my "Target 1" (£581.36)
Target 2= £710.08
BCHBTC chart here is showing a classic falling wedge pattern
Judging by historical support/resistance, the bottom is very clear here.
We can simply put our stop loss under 0.1 key support and a get a very nice trade with risk reward ratio greater than 8
***TRADE WITH YOUR OWN RESPONSIBILITY, THIS IS NOT AN ADVICE.***
BCH has formed a Symmetrical Triangle which likely bullish, I hold some BCH and looking to add once it breaks. risk reward is pretty good for me and MACD is about to get a goldencross, with Bitcoin's insane fees and insanely slow tx, I think this will play out well.
TRADE WITH YOUR OWN RESPONSIBILITY, THIS IS NOT AN ADVICE.
