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.
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$2750 resistance broken. Off to the top!
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This trade has ended. Check my profile for current trades.
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.
jollygreen
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@WealthMurphy, Very true. $4800 at the 1.0 fib level sounds very reasonable. Good call! I like the conservative analysis.
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.