After a long correction and returning to near 62% Fibonacci Retracement is Bitcoin Cash headed up. With a lot of events in the upcoming days look for the traditional equity markets to cool off after 2/8/18. With no more alpha in these markets for the short term the money will look to come back into crypto as its primed to end its almost 50 day correction. Bitcoin will surge and bring all the alt coins up. Don't overlook Bitcoin Cash. Look for these points of support and resistance on the way up.
Entry .13050000
#1 Resistance .17455550 #2 Support .14010030 #3 Resistance .20800000 #4 Support .18899994 #5 Resistance .38809500
Stop Loss .10746834
This is not financial advice just my opinion and how I will be following this trade. Remember to invest only what you can afford to loose. Cryptocurrency is very speculative and may not be for everyone. Trading in a correcting market offers big potential gains but can be very risky.
Nice analysis. Why not out the stoploss below the fib retracement instead of in front?
vthokiee97
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@CyborgDroid, I felt that if it fell below the support point lying around the fib it may crash down to .090 fairly quickly which would be a fairly good haircut for most. Trying to be a bit conservative while this correction has still not fully turned around even though there are some positive signs. Thanks again for your compliment.