BCHUSD - Ascending Triangle
Updated
I got in kind of late yesterday after watching Real Crypto's youtube video (Link below). I am now at point of break even and was considering selling until I came up with my own chart. We are in an ascending triangle on the 4hr chart that has produced similar highs with higher lows. The 50 EMA is about to cross the 100 EMA and we have experienced some bullish divergence on MACD for the last 2 weeks.
We are at a key resistance level here now. Trying to push through the 200 EMA, the 38.2% retracement, and at a support and resistance level. Wait for $1600 for long positions with a stop loss depending on your trading risk/strategy. Tight SL at $1450 and if you want more room to breath, $1300 (lower risk/reward) which will be below previous highs and below the 50 & 100 EMA.
TP1 - $1800 (50% retracement)
TP2 - $2000 (61.8% retracement)
Link to Real Crypto's video - youtube.com/watch?v=HYEx4ZSxBV8
Comments and feedback appreciated!
We are at a key resistance level here now. Trying to push through the 200 EMA, the 38.2% retracement, and at a support and resistance level. Wait for $1600 for long positions with a stop loss depending on your trading risk/strategy. Tight SL at $1450 and if you want more room to breath, $1300 (lower risk/reward) which will be below previous highs and below the 50 & 100 EMA.
TP1 - $1800 (50% retracement)
TP2 - $2000 (61.8% retracement)
Link to Real Crypto's video - youtube.com/watch?v=HYEx4ZSxBV8
Comments and feedback appreciated!
Note
Price is testing the 200 EMA and .382 retracement. Price got rejected once. On the 4Hr chart, there is bearish divergence on RSI indicator.
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