jollygreen
Mua

BCH Possible Breakout to 5k+ 130% Gain - Fib Based

POLONIEX:BCHUSDT   Bitcoin Cash / Tether USD
BCH could break out to 5k+ very soon. It is consolidating nicely and looks ready for upward movement near the very end of the triangle. It keeps testing the resistance at $2700. Current analysis shows 130%+ possible.

Things to watch after the breakout:
1. Wave 5 Peak
The last two highs were at Wave 1 (340%) and Wave 3 (250%). The Wave 1 high was based on a Korean Bithumb pump (the pump ended when the exchange's severs went offline). The Wave 3 high was based around the GDAX/Coinbase BCH listing. Both of these scenarios were short term and may not have an impact on Wave 5. The key level to watch will be around $5300 (130%). It could continue much higher into 6k+ if market makers encourage it.

2. Volume and Price Confirmation
Confirm the breakout with massive increases in both price and volume . Saying that seems obvious, but it is easy to miss until after a run is over! You can compare the previous wave volumes to get an idea of what could happen.

Note:
This is an idea of a future market movement. The current markets are highly volatile and can change at any moment. It is not a suggestion to trade, and I am not a financial advisor.
Bình luận: $2750 resistance broken. Off to the top!
Nice chart. A little observation: I think that 1.0 from fib can be a little bit lower have a closer look to my TA again

Not necesarrily as low as mine, but they should touch old tops (I believe).
You can see that I touched the tops for line chart, but they might be accurate if they touched the tops of candles.

Keep up doing good work.
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jollygreen WealthMurphy
@WealthMurphy, Very true. $4800 at the 1.0 fib level sounds very reasonable. Good call! I like the conservative analysis.
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