Bitcoin Cash has the opportunity to break out of the bull flag at around $ 300 to the $ 410 range. There the price course should be analysed again.
Ideally, after the first small outbreak, the course will retest the bull flag. There, the long entry signal would be generated.
It is important to observe and anticipate this move.
BCH like many coins right now is in this kind of LIMBO LAND.... with no clear direction up down and the possibility of moving sideways forever.
Looking at the 1 hour chart I believe if the waves cannot break above the EMA, we are headed lower to retest the ALL TIME SUPPORT line.
If this breaks there is not a lot of support until around the $600...
Full Disclaimer: Below is my working theory, not to be taken as financial advice. If this theory is incorrect, we could be headed for a 30-40% correction. Volume is relatively thin, big moves in any directions are possible.
I believe most traders are not taking into account the marco picture. They'eve learned from their mistakes in the 2017 bull run and believe...
look at the chart of two large american legal or doing all regulatory things correctly. this isnt an alt its a btc which is more focused on real qorld use making connection and taking it to real world uses like names on blockchain
massive vol coming in here guys
hate him love him roger ver has done great with all his coins and is an icon in this space he aint...
Bitcoin cash has been trading this triangle since the December 2018 low. I am looking for a high volume breakout with conviction to confirm pattern otherwise I will be trading my targets on my previous chart linked below.
Ascending triangle breakout target: $800s
Elliot Wave targets: $520-$960 (boxes on chart)
$bch many Request of Many #Crypto Friends I share my Opinion about #BCH
Still I am bullish on #BitcoinCash and still my Target is 600$ and 800$.
Chart Looking Bullish.
I never trust on negative #FUD in the Market.
but stay away from June contract on #BitMEX
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When Wave 3 is less than 1.62, the 5th Wave overextends itself.
From research, the ratio of Wave 5 will be based on the entire length from the beginning of Wave 1 to the top of Wave 3.
Extended Wave 5 = either 0.62 x length
(beginning of Wave 1 to top of Wave 3) or = length of
(beginning of Wave 1 to top of Wave 3) or = 1.62 x length of
Bitcoin Trash at ~450 support zone - not the strongest one but it worked out twice already. If Bitcoin won't dump (which is the biggest question of all), it may start bouncing from here. IF the King falls hard, which is also a possibility, ABC will fall down to the next support at 430 and maybe lower to 410. Last seem to be the strongest one.
Bitcoin Cash ABC has lost support on the 100MA and will likely now fall like a dead weight until it reaches at least the 200MA, where a bounce back up to the 50MA (which by then will have dropped from current levels) will be highly likely. This free Moving Average indicator is linked below...
Save crucial space on your Trading View chart by utilising my free to...
Reasons for open position:
- Sell zone
- Downtrend parallel channel
- Key level to sell 424.7
Stop above 432.5
Take profit 1/2 and higher, depends on your greed
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