BCHUSD Price Analysis - $5500???
Updated
Bitcoin Cash having difficulty breaking out. Volume spiked on the 1 HR, MACD has crossed on the 1 HR and appears bullish. Resistance levels appear to be $2700, $2900, $3100, and $4100. Support levels appear to be above $2200 at this time. BCHBTC is also gaining some ground. I'd like to see it spike and break through the first few resistance levels today, close out the next 4-6 hour above $2700 to $2900. I'd love to see Bitcoin Cash hit $5000 and stay above that level, if BCH maintained the BCH/BTC ration of around .16 to .2 we could see this price if Bitcoin gets above $22-25000 USD. I would anticipate a slight drop in BTC and another pump on BCH which would get us to this level quicker but I would prefer to see a gradual raise in both and BCH maintaining a .2+ BTC price. Come one Bitcoin Cash, lets see this sooner than later. Best of luck!
Disclaimer - This is my opinion only, I'm a newbie investor playing around with TA and Elliot Wave, please do not use this as financial advise.
Disclaimer - This is my opinion only, I'm a newbie investor playing around with TA and Elliot Wave, please do not use this as financial advise.
Note
My BCH Address if interested 1EahVgyjgUFqXQoe44q9iGiKN9PHx2h5dQThank you.
Note
Further consolidation may be necessary. I'm watching for a retraction in price from $2650 to around $2450 to $2350, then it should bounce off support and hit resistance line once again for a break out. IF it breaks support I will hold off on re entering at this point. I was long from $2200 on this trade and took profits at $2620 at this point. I'm looking to re enter either when it bounces off the support but the safe bet would be to enter once a break out is established. Please note I did not have a stop loss on this as I was able to watch it at this time. Stop losses have not been my favourite part of trading but it is smart to use these because they can protect your investment. Anything below $2200 at this point would act as a stop loss in my opinion.
Trade active
Took the scalp trade last night before bed got in at $2500 from $2620 with a stop loss at $2200 and woke up to a nice move up. So far the count looks good.
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