There is a possibility of the beginning an uptrend in BCHBTC

There is a possibility of the beginning an uptrend in BCHBTC

Bitcoin Cash / Bitcoin BITFINEX:BCHBTC


Midterm forecast:
. While the price is above the support 0.0655, beginning of uptrend is expected.
. We make sure when the resistance at 0.0980 breaks.
. If the support at 0.0655 is broken, the short-term forecast -beginning of uptrend- will be invalid.
. We will close our open trades, if the Midterm level 0.0655 is broken.

Technical analysis:
. The Falling Wedge taking shape and as a bullish pattern suggests we will soon see another leg higher if price breaks and closes above downtrend.
. The RSI resistance #1 at 56 is broken, so the probability of beginning of uptrend is increased.
. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
. Relative strength index ( RSI ) is 74.

Trading suggestion:
There is possibility of temporary retracement to suggested Buy Zone (0.08800 to 0.07650), if so, we would set orders based on Price Action and expect to reach short-term targets.

. Beginning of entry zone (0.08800)
. Ending of entry zone (0.07650)

Entry signal:
Signal to enter the market occurs when the price comes to “Buy zone” then forms one of the reversal patterns, whether “Bullish Engulfing”, “Hammer” or “Valley” in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about “Entry signal” and the special version of our “Price Action” strategy FOLLOW our lessons:

Take Profits:
TP1= @ 0.0980
TP2= @ 0.1075
TP3= @ 0.1210
TP4= @ 0.1330
TP5= @ 0.1480
TP6= @ 0.1770
TP7= @ 0.2010
TP8= @ 0.2440
TP9= Free

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