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BitcoinCash Expected to Rally to 680Trend Analysis The main view of this trade idea is on the 15-Min Chart. The cryptocurrency BitcoinCash (BCH) appears to be in an ascending triangle setup with resistance around the 642.75 price level. BCH held support around the 600 price level and have been making some higher lows over the course of the setup. Expectations are for a breakout from the 642.75 resistance level with a target around 680. Failure of this pattern will be seen with a decline to 600. Technical Indicators BCH appears to be in an uptrend with the price trading above the short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. The short term MA has crossed above both the medium and long term MAs. The medium term MA has also crossed above the long term MA. These are bullish signs for the cryptocurrency. Also the RSI is above 50 and there has been a positive crossover on the KST. Recommendation The recommendation will be to go long at market, with a stop loss at 600 and a target of 680. This produces a risk/reward ratio of 1.13. Disclaimer The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. Currently I have exposure to BCH.
KRAKEN:BCHUSDLong
by Ceddy86
2
BitcoinCash to Retest 550Trend Analysis The main view of this trade idea is on the 15-Min Chart. The cryptocurrency BitcoinCash (BCH) remains in a downtrend in the short term. The cryptocurrency has been trading between a range of 670 and 640 over the last couple of trading sessions. Expectations are for BCH to break below this range and retest 550 support, 15.9% away from current price levels at the time of publishing. To negate this move, BCH will have to travel higher towards 750 in the short term. Technical Indicators The crypto currency is trading below its short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. All MAs are trending lower with the 200-MA above the 100 and 50 MA respectively. The RSI is also below 50 and the has been a recent negative crossover on the KST. All these indicators imply a move lower on BCH. Recommendation The recommendation will be to go short at market, with a stop loss at 750 and a target of 550. This produces a risk/reward ratio of 1.13 Disclaimer The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in BCH.
KRAKEN:BCHUSDShort
by Ceddy86
2
BitcoinCash is Expected to Breakout and Head Towards 770Trend Analysis The main view of this trade idea is on the 15-Minute Chart. The cryptocurrency BitcoinCash (BCH) has been in a rangebound movement over the last couple of days between the 695 and 735 price levels. Given the current uptrend, expectations are for a break above the top of the range. Given the width of the range, a target a little above 770 is targeted for the cryptocurrency. These expectations will be negated will BCH fall towards 675. Technical Indicators BCH remains above its long term 200-SMA despite being in a rangebound movement over the last couple of days. Its Awesome Oscillator (AO) is above 0 and green while the Directional Movement Indicator (DMI) is in a positive zone, with the positive DMI being greater than the negative DMI. These technical indicators support the view of a breakout at the top of the range. Recommendation The recommendation will be to go long at market. Stop loss will be set around the 675 price level with a target of 772.50. This produces a risk reward ratio of 1.57. Disclaimer The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in BCH.
KRAKEN:BCHUSDLong
by Ceddy86