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BCHUSD formed bullish Shark | Upto 187% move expectedFailed in breaking out the key level resistance: The Bitcoin cash had started is very powerful bullish rally in December 2019 after breaking out the first resistance level at $304 the price action used this resistance as support and using this support the price action moved up to make an attempt to breakout the key level resistance of $501. After reaching at $497 the price action turned very strong bearish and broke down all previous supports and at this time the price action of Bitcoin cash is at $182 support. Head & Shoulder pattern and breaking down the SMAs supports: If we closely examine the 2 day chart then it can be clearly seen that the main reason for this drop was the formation of Head and Shoulder pattern. This pattern was started with the strong bullish rally of Bitcoin cash in Dec 2019. The left shoulder was completed on January 3rd 2020 and the head was completed on Feb 28. After hitting the key level resistance of $501 the price action formed the right shoulder from 28th February to 7th March 2020 and even broke down the neckline of the Head & Shoulder. While forming the right shoulder we had strong supports of 100 and 200 simple moving averages but the sell off was so much strong that the price action easily broke down these two supports as well. The priceline is using the support of resistance of previous pennant: Here I would like to take you back on 23rd December 2019 when I reveled in my post that the price action of Bitcoin cash was moving in a pennant. This movement in the pennant was started on 21st June 2019. And when I published that article the priceline was getting bounced from the support of that pennant and based on some more indications I predicted that this time the BCH will breakout the resistance of the pennant. And on January 2020 the price action broke out the resistance of the pennant. This trade Idea produced more than 154 % massive profit. Formation of new harmonic Shark pattern a bullish reversal signal: But now we can examine that priceline is retraced 100% and this time the price action of Bitcoin cash is also having the support of previous trend line that was the resistance of the pennant. If we observe on 4 day chart then it can be clearly seen that the priceline of Bitcoincash has formed bullish Shark on the support. The formation of this pattern was started in December 2019 when the Bitcoin cash started its rally. The first leg was completed on 17th January 2020 at that time the priceline of BCH retraced between 0.382 to 0.6 18 Fibonacci level. That was the 1st confirmation of bullish Shark. From here the Bitcoincash was the suppose to be projected between 1.13 to 1.618 Fibonacci level of A to B Fibonacci projection area for the completion of B to C leg of this shark pattern move. At C leg’s level we have some extra spike that I have ignored because all other legs are formed as required for the perfect bullish Shark pattern. After the completion of C leg on 14th February 2020 the priceline of BCH faced strong sell off and this bearish move helped the priceline in completion of final leg of shark pattern. And now we can see that the priceline of Bitcoin cash has retraced between 0.886 to 1.13 Fibonacci level and moving in the potential reversible zone of this pattern. From this potential reversal zone the price action of BCH is suppose to take the bullish divergence in the Fibonacci projection of between 0.382 to 0.786 Fibonacci projection of C to D leg. The ranges of potential reversal zone and Fibonacci projection are as below: Potential reversal zone is from: $ 196.83 to $ 139.48 The Fibonacci projection area is from: $ 266.47 to $ 401.14 Above range depicts that this pattern can produce upto 188% massive profit rally. Stop loss: The volume profile of complete price action of Shark pattern is showing the traders interest even in the PRZ level therefore we need to take care of stop loss strongly in this case we can use the maximum extent of potential reversal zone that is $ 139.48. Because if this potential reversal zone will be broken down then priceline can turn more bearish.
COINBASE:BCHUSDLong
by moon333
1
FREE ANALYSIS ON BCHUSD - >>FREE ANALYSIS ON BCHUSD Welcome to SiriusTrading (managed by Segunby), Check out my Free analysis on Forex and Crypto. Follow me for regular Analysis and don't forget to LIKE, LIKE, LIIIKKKEEE :) - 15 Min we can see a small bearish momentum forming. Currently MACD is showing bearish divergence and same on the Stoch RSI. 1 HOUR Price broken out of the 3 MA's on the chart. Buyer interests also increasing with STOCH RSi turning up. My MA 100 and MA 200 also about to cross over so we might see some bearish move before we see the move up continue. Also a triangle is forming indicating a breakout soon. 4 HOUR Bearish. Price below the MA's and in fact tested the MA 100 and was rejected. All MA's have converged, we should see start of another break out. 1 Day Bullish. We are see a correction of the previous bull move up. Price tested the 100 MA. Hidden divergence found on MACD and Stoch RSI. expecting move move up. OVERALL bullish Outlook for BCHUSD - Thanks for reading See previous analysis Please share your thoughts and views on my analysis and don't forget to like it and share with others. #forextrading #forextrader #forexlearning #forex #stocktrading #investor #wallstreet #motivation #investment #bitcoin #investing #cryptocurrency #stocks #passiveincome #daytrading #stockmarket #crypto #forexprofit #pips #currency #financialfreedom #workfromhome #success #money #entrepreneur #stay #achieve #wealth #luxury
KRAKEN:BCHUSDLong
by SiriusTrading
BCHUSD UPDATE - WHAT NEXT? ANY THOUGHTS?Last time i analysed BCHUSD, i noted that we could be seeing a support at the blue line as now confirmed. This drop has coincided with the BTCUSD and ETHUSD drop that we have all witnessed. Stoch RSI is now crossing over now also, we could be seeing the start of the uptrend. on the 7th Nov BTCUSD was around $630 now dropped down to just below $207. this has caused a lot of pessimism in the market which i believe will bring back the money makers. caution, if this breaks below the blue line then we are looking at another low. trade safe like, comment and follow
KRAKEN:BCHUSDLong
by SiriusTrading
2
Bitcoin Cash bullish bias: 1 hour timeframe wave analysisThe 1 hour timeframe of Bitcoin Cash (BCHUSD) is labeled in this analysis with price swing from June 28, 2018 to July 18, 2018 identified as a regular flat (3 wave) Elliott wave structure. This is currently followed by further correction as labeled on the chart, which implies a higher price for Bitcoin Cash (BCHUSD). Correction that originated from July 18, 2018 downwards is expected to find support within the region of the horizontal blue lines indicated on the chart (i.e. 749.30 and 700.0). These are the 100% and 138.2% retracement of wave a by wave c respectively. The arrow indicated on the chart shows the trajectory for price if Bitcoin Cash finds support in the region mentioned above. Target for the trade is placed between ~984.60 and 1009.70 at which point Bitcoin Cash is expected to encounter resistance. Point of invalidation (POI) of this analysis is a price close below ~669.60 at which point the assumed wave c would have retraced 161.8% of wave a.
BLong
by Coin_Analyst
2