Bears and bull? Maybe some people really are divisible into these two groups, it takes all sorts after all. Anyway.... I don't think that's me, but I'm not ready to take off the bear mask and throw it aside just yet. Anyway... let's talk about beautiful BCH!
Let's look at the patterns that I pointed this out in a former chart, the only thing that is different is that the last pink box has been extended downward to accommodate the loss of trading channel. Hmm.. "loss of trading channel" doesn't really sound , but the god's of the market seem determined to end this correction and I have to say the patterns match very well.
I've drawn a large blue box, but I'm not seriously thinking this will get that far. Possible targets are based on previous levels:
1650 (this is hidden bonus level)
1310 is just above the 200 daily MA (red) and this will be a real tester, assuming we get that far. We also have a bear cross between the 100 and 200 MAs (not too serious) on the 17 April, which is maybe when we get there. This may lead to rebound down.
Looking at the previous breakout, it's possible we may wick into and rebound there. This would also take place right under the 200 MA, so 1310 is definitely a level to watch out for in my opinion
If we fall below the 20 MA (blue) then it's likely this was a fakeout.
The 200 daily MA stands in the way of the target, but BCH is a very volatile coin when it gets pumping, also 5 wave has always been over extended. Warning it won't stay up there long.
(This assumes we get a pullback first and that Soros doesn't kill us all.)
Only negative is that we didn't have a period of consolidation (very tight averages, see first square) before the pump, which is what I was waiting for.
If you look at the chart you might notice that the current consolidation is very similar to the last at 720. Also the stochastics are very similar. The fractal overlay is a scaled down copy of the run up from 720. It fits "ok", but not great.
We need to break 1570 to bring more buyers in. Risk is not insignificant at this point.
I believe we are in the middle of an altcoin bullrun, if so we should form a successful W-pattern, else it will fail.
I also cashed before the drop began. I am now 70/30 bearish/bullish. The bear in me getting stronger :D
I think bulls have one more chance as long as we are above 8.6k.