Good old fashioned BitcoinCash. Pretty interesting chart.
BCH prices dive in December after rallying to 632. We see a classic rounding bottom reversal with a very abrupt right end, volume confirmation, challenging the lower range of the gap at 272, classic pennant forming, and... it fails.
Classic fakeout. Another flag forms and this one succeeds, closing the gap, and hitting resistance and 406.
If we assume for a moment that this is the top of the impulse and put a fib retracement we see signs of confluence on the way up. If we get a correction here (we're going to get a correction at some point but BTC surprised as all so this might not be the top of this wave) we look to the .236, .382, and the .5 as the most likely suspects.
It seems probable that a challenge of the 632 level is the next target.
Even if this run is a fakeout (the whole crypto run) it sure is nice to be out of winter. A little taste of what these bull markets can do. If you made it through the winter I hope you've enjoyed some profits.
Many are saying the bull market is 100% here and roaring. Traders don't deal in absolutes. Always have a plan for every outcome.
BCH prices dive in December after rallying to 632. We see a classic rounding bottom reversal with a very abrupt right end, volume confirmation, challenging the lower range of the gap at 272, classic pennant forming, and... it fails.
Classic fakeout. Another flag forms and this one succeeds, closing the gap, and hitting resistance and 406.
If we assume for a moment that this is the top of the impulse and put a fib retracement we see signs of confluence on the way up. If we get a correction here (we're going to get a correction at some point but BTC surprised as all so this might not be the top of this wave) we look to the .236, .382, and the .5 as the most likely suspects.
It seems probable that a challenge of the 632 level is the next target.
Even if this run is a fakeout (the whole crypto run) it sure is nice to be out of winter. A little taste of what these bull markets can do. If you made it through the winter I hope you've enjoyed some profits.
Many are saying the bull market is 100% here and roaring. Traders don't deal in absolutes. Always have a plan for every outcome.