BCHUSD V-bottom and breach of trendline:4hr tf analysisBCHUSD (Bitcoin cash) hit a high of ~$3930 on Dec. 20, 2017 after which it sold off. A bearish trend line is used on the chart to indicate the bearish move in price of BCHUSD ever since. Price action can be seen to form a V-bottom (bullish signal) on Feb. 6, 2018 from where price went on to break the bearish trendline on the 4hr tf on Feb. 14, 2018, which is a sign of a resumption of a bullish trend, even if temporary.
In addition, BCHUSD (Bitcoin cash) also seems to be currently forming an inverted Head and Shoulders pattern or (Head and shoulders bottom). I have drawn the neckline on the chart. Price needs to close above the neckline (close above ~ $1,290.76) for the Head and shoulders bottom to confirm. The Head and shoulders bottom is ideally a bottom reversal pattern but it can also show up as a continuation pattern which I suspect it is in this case.
The range for the target area is between $1,918.18 and $2,102.72
A close above the neckline (close above ~ $1,290.76) can be used to initiate a long position with a stop loss placed just above support area 1 (i.e. ~$1,198.50). The bottom range of the Target area can be used to take profit for example. Using this ideal scenario, risk on the trade = $1,291 - $ 1,198.50 = $92.50
Reward = $1,918.18 (bottom of Target area) - $1,291 = $627.18
Risk/reward ratio = ~ 6.7:1
Failure of BCHUSD to resume its uptrend and closure below Support area 1 (between $1,130 and $1,190.52) does suggest that Support area 2 (between $999.49 and $904.91) will be tested before another bullish move can be sustained in BCHUSD, even if temporary.
Bchusdbuy
BCHUSD - Bull flags, pump imminentA bull flag fractal pattern is draw on the chart. We should see a 5 wave impulse, the first wave to test 4k, wave 2 to retrace, wave 3 to attempt again and breach 4k, 4th wave will find 4k as support, and wave 5 could go up to 4500 or beyond (hard to tell where it might end because we are at all-time highs).
Also, just because crypto charts seem to love triangle corrections, I've outlined a probably ABCDE correction.
Let's see how it pans out.
Bitcoin Cash PUMP using Bitcoin dips and hypes. Huuuge potentialWe are talking about plunging capital from one currency to another.
Next time (and now I see it so)
how much btc falls, so much BCH grows. Right?
$ for $, but bch gets pumped while BTC drops and buybacks again.
Does not it sound familiar?
Watch out, when btc was 8,000, bch is 1200 with 3200 bumps
btc was 8000 and bch 3200
it is a ratio of 0.4
Was also 0.5
1/2 BTC = 1 BCH
Do you understand now how far can BCH go?
BCH Approaching Breakout - $2,000 TargetLooking at the current status of BCH, we are following an upward trend that has been present for almost a month now. This trend is approaching a resistance around the $1715 mark. Within the next week, we will most likely test this resistance again.
Watch for a breakthrough of this $1715 resistance, I suggest taking profits a little before the $2,000 level as we may reach a psychological barrier at that number. As always, trade at your own risk.
BCHUSD - Demand area 4h\1h\1DBitcoin Cash Buy setup
Buy limit : 900USD to 920USD
target 1 : 1400USD
Target 2 : 1790USD
Stop loose : 725USD
Wish you all the best guys :)
