BCH where next?
Updated
Bitcoin Cash looks like a laggard on the bitcoin pair but could really make up for it if Bitcoin holds its end. We had a lot of action the past hour with that scam wick up which trapped late longers and early shorters by triggering their stops only to bring us back right back to where we were. Now BCH broke up from its bullish pennant (not seen on the chart as this is zoomed in) and then found itself in a bull flag. It broke up from the bull flag with that scam wick and came back to test the level from which it broke out. In my opinion, we should not close the hourly below the blue line or this trade will get risky. This is a risky long but I am targetting $246, $258 and $278. Close the trade if hourly closes below the blue line but on the other hand, a wide SL between 227-231 might just work better. Bitcoin could test the 773XX level so be careful.
Note
Past 3 candles have touched the blue line and its still holding. Its getting trickier now because the price is not rising and that shows weaknessTrade closed: target reached
Sorry I have been away and never updated. Target 1 and 2 reached comfortably and Target 3 missed by $4.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.