IF this thing breaks, it's going to BREAK BIG.
After that incredible run on 17, 18, 19 August, we've consolidated in this pattern.
It's a continuation pattern that should resolve itself in the direction of the trend: UP
But right now, it really could break either way. We don't see any overwhelming signs of strength or weakness.
BEARISH: Price breaks support at 580. We have tested that level several times. If we break support, then it's a crash down to 480 or 400 (former support levels)
BULLISH: We see the price bending up and finally breaking out of this triangle formation. Breaking 630 or so would be a good sign.
So right now, I wouldn't go long or short Bitcoin Cash BCHUSD because it's just a coin-flip 50/50 shot.
But I will keep you posted when I see some developments.
AGain, if this MONSTER breaks, it's going to BREAK BIG. I do not want to miss this one to the upside. We saw how crazy it blew up last time. It has exposure and the can come in to really make this thing rock and roll..
!! PM me with any questions about my analysis !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.
Sign up to TradingView charts:
Sign up for TastyWorks - The Broker of the Future: