BCH has reduced significantly trade volume and price has been severly depressed.
This symbol has been consolidating in a triangle for about a month following the explosive rally.
Bullish scenario
There is potential for a total 175% gain, it is safer to take profit along the way at this retracements:
- TP1 +90%
- TP2 +108%
- TP3 +175%
A strong breakout with solid volume and confirmed by indicators is a must for a safe trade.
It is also advisable to trail the price with your stops to avoid sudden reversals typical for the volatility of this asset.
Bearish scenario
If we break downwards we might see a flash crash similar to what happened to NEO (see my previous analysis)
So I recommend to stay away in this case.
Trade Safe
This symbol has been consolidating in a triangle for about a month following the explosive rally.
Bullish scenario
There is potential for a total 175% gain, it is safer to take profit along the way at this retracements:
- TP1 +90%
- TP2 +108%
- TP3 +175%
A strong breakout with solid volume and confirmed by indicators is a must for a safe trade.
It is also advisable to trail the price with your stops to avoid sudden reversals typical for the volatility of this asset.
Bearish scenario
If we break downwards we might see a flash crash similar to what happened to NEO (see my previous analysis)
So I recommend to stay away in this case.
Trade Safe
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Take profit 1 reached
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