Potential Breakout in BCH, Target at 135The main view of this trade idea is on the Daily Chart.
The cryptocurrency Bitcoin Cash (BCH) appears to be in an asymmetrical triangle setup. The downward trendline of lower highs of 156 and 124 was broken on 8th January, 2023. The support trendline of 88 and 95 continues to be held. Expectations are for the breakout of the triangle to continue and BCH is expected to rally towards 135. This view will be negated if BCH were to decline below 95.
Technical Indicators
The technical indicators corroborates this view. BCH’s Supertrend is back in buy-mode after the Index crossed above 103. Also, BCH is back above the Daily MA, the 1st time since 13th December, 2022. The Awesome Oscillator is above 0 and trending higher while the RSI is above 50.
The intra-day trend following indicators of the cryptocurrency also display uptrends in the 15-Min, 2-Hour and 4-Hour time frames. Short to medium term support is seen around the 95 - 98 price range.
Recommendation
The recommendation will be to go long at market, with a stop loss at 95 and a target of 135. This produces a risk/reward ratio of 2.21.
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.
BCHUSD.P trade ideas
BCHUSD (1H) - Bullish breakoutHi Traders
BCHUSD (1H Timeframe)
The market is in an uptrend and we are waiting for an entry signal to go LONG above the 134.20 resistance level. Only the downward break of 127.60 would cancel the bullish scenario.
Trade details
Entry: 134.20
Stop loss: 127.60
Take profit 1: 138.20
Take profit 2: 144.80
Score: 8
Strategy: Bullish breakout
BCHUSD - 30% Jump Incoming After Breaking Descending TrendBCHUSD has recently received a buy signal from Crypto Tipster v2 after bouncing off recent support on the underside.
This suggests that the cryptocurrency may be entering a bullish market and could see a significant increase in value. The question now is whether BCHUSD will be able to break through a descending trend line to reach 30% in profit after a year and a half of a generally downward trend.
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BCHUSD 30 % dump comingAs the bear market continues , the price can't break the resistance and it remains in the downtrend.
We expect 30 % dump before any significant bounce. If it happens BCH would drop to 75 $ which are lows from December 2018.
It also likely that we will see price lower than 75 $ in this bear market.
Any bounce probably will be a short lifted and the price eventually will go down.
Good luck
Going short on BCHUSDBullish Indications
1- HH and HLs
2- Piercing candles, bullish candles
3- Support at the bottom trendline
Bearish Indications
1- Inside bar, hanging man at HH
2- Resistance at 110.8
3- Head and Shoulder
4- Bearish Divergence
Bias: Short
Sell at 107.22 (at LH)
S/L @ 110.81
TP1 - 103.63
Units: 55.7
Bitcoin Cash levelsBitcoin Cash levels on the 1-day chart: In my opinion BCH is the highest upside probability and lowest downside risk crypto asset at the $99 level. Plus, it's future utility is undervalued considering it has the same rareness of 21M tokens, much lower transaction fees than BTC, with much faster transaction times. It has a 6 year price discovery history that brings it near its all time low currently. Furthermore, BCH supports smart contracts. I think it makes sense to HODL for 2023 and add more on dips now. No sense selling BCH at these levels imo. The biggest downside is it could take a long time for BCH to get out of a sideways range.
SMA200 = $115
VWMA13 Bollinger-Bands.Multi_Choice:
top = $107.54
R3 = $105.61
R2 = $103.67
R1 = $101.74
pivot = $99.80
S1 = $97.86
S2 = $95.93
S3 = $93.99
bottom = $92.06
Do your own due diligence, your risk is 100% your responsibility. This is for educational and entertainment purposes only. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
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Delisted this monthMajor announcement
Many cryptocurrencies are getting removed from exchanges this year.
As those tokens get moved to other exchanges more supply is added
and if trade volume doesn't peak the assets value will decrease big time.
Bitcoin cash
Ethereum Classic
XRP
XLM
and so many more are leaving major exchanges.
Stay up to date and make sure your not buying or holding delisted tokens.
BCHUSD Short
The long-term downward trend continues.
The initial targets derived from the "Head & Shoulders" pattern have been reached around $92.
At the moment there is an accumulation area in the form of a descending rectangle, which is likely to be broken down.
The next scenario I expect is that Bitcoin Cash will fall to $63-73 and either Double Bottom or Small Spring will be formed.
BCH/USD 1DAY UPDATE BY CRYPTO SANDERSHello, welcome to this BCH/USDT 1DAY chart update.
I have tried to bring the best possible outcome to this chart.
CHART ANALYSIS:-Bitcoin cash (BCH) raced to a one-week high on Wednesday, despite cryptocurrency markets mostly trading lower.
Following a low of $103.09 on Tuesday, BCH/USD surged to an intraday peak of $109.09 earlier in today’s session.
The move saw BCH hit its highest point since November 8, when the token was trading close to a high of $120.00.
As can be seen from the chart above, today’s high saw bitcoin cash move closer to a key resistance level of $110.00.
The 14-day relative strength index (RSI) also rose higher, with the index breaking out of a ceiling of its own.
Currently, the index is tracking at 46.52, which is above the aforementioned ceiling of 45.00.
This is not a piece of financial advice.
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