BCHUSD: Ascending Triangle With Daily Moving Averages Coiled Up
Updated
Ascending triangle drawn on 4hr chart (similar to LTCUSD as well as ETHUSD) and applied to 1 day chart due to relevant moving average resistance above triangle to be cautious of. A move above $313.30 would create a new swing high while breaching the 50 & 200 Day MAs (that are trying to bear cross) making the trade a position worth risking. The measured move for the breakout is $346 (+10.5%) with a 2.3 ratio. BCH is still btrash though.
Note
Needs to hold $300 triangle support to have another chance, but looks like the opportunity has been missed (especially on the daily chart). Now to confirm the bear flag by the looks of it.Note
Came down to $300.04 and is finding support as expected :-) Still waiting for the price to clear the 200 Day MA ($311.38) and get above $313.30 to make a new swing high.Note
Looks ready to pop upwards, stop orders set as per the original trade setup.Trade active
Average of $313.91 (USDC pair), stop loss at $301.99 (3.8%), same target.Trade active
Perfect pop. Stop loss moved upto $309.50 (-1% triangle breakout). Will allow it to retest 200 Day level if needed.Note
Trade active
Stop loss tightened to break even.Note
BCH still stuck in bear flag (unlike other alts that have broken out). There is also bearish rsi divergence on the 4 hr.200 Day MA is $313.31, stop loss now at $313.99.
Trade closed: stop reached
Glad I moved my stop loss up last night!Will consider a re-entry if it continues to find support from the triangle.
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