Long
Bitcoin Cash looking to continue markup phase
BITFINEX:BCHUSD is showing continued bullish sentiment by consolidating just below all-time highs and above resistance-turned-support.
If and when this triangle breaks upwards, the first targets are
Note that this represents roughly a 100% increase from current market prices.
BITFINEX:BCHUSD may over-perform during the breakout, taking us closer to the 2.618 fibonacci extension near 6000 before the dust settles.
This triangle may bleed sideways for a bit before breaking upwards, as we saw last time. The important signal is that price eventually breaks above the descending trendline.
If and when this triangle breaks upwards, the first targets are
- the resistance outlined by the prior all-time high at ~4000, and
- the symmetrical triangle's target of ~5000
Note that this represents roughly a 100% increase from current market prices.
BITFINEX:BCHUSD may over-perform during the breakout, taking us closer to the 2.618 fibonacci extension near 6000 before the dust settles.
This triangle may bleed sideways for a bit before breaking upwards, as we saw last time. The important signal is that price eventually breaks above the descending trendline.
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