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BCH wonderfully breaks the neckline bullish at 880 after fakeout to the downside, with 3% potential gains. EMA 12 on 4H is now support, while 26 is resistance. We hadn't touched the 12 EMA since the big flush from 1100 down. 835 is now support on the 4H, while we have 2 resistance areas coming up with 900 & 950, and might have to consolidate before breaking those.
As BTC & BCH are almost correlated like Gold & Silver, meaning BCH is always more volatile, the gains to the upside are always more with BCH, but obviously, also to the downside. So, watch out for grandpa, as it is still fighting with 4H EMA right now and might consolidate here a little bit before continuation.
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About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally from 50 to 1.000 Dollars in BTC.
@skylord66, In order for BCH to go to 1200 by saturday, BTC would have to go to around 7.800. Ask yourself, how likely is that right now? => Look e.g. at the candle body sizes we would have to form in 2 days only. Without any major news event (where BCH/BTC gets declared official US currency or so), just based on the technicals right now, this is highly unlikely. There are sooo many resistances the chart would have to clear on its way, just like a human body after running a marathon, to get to 1200.
drutrading88
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@jack777, what would be a realistic target for this mini rally ? Do you think it can reach 1000 ?
And what's your take on mid / long term with BCH (and BTC, because you can't have one without the other, unfortunately)
Skylord1
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I realized something most analysts can predict how much it will go down..hardly predict UP..it's usually long term with no certain date..I guess I can make that prediction with my gut feeling..50 % I'll get it right..
Edgy_
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@Skylord1, that's absolutely right. any 'trader' you can tell you where the price will be on a certain date is not a trader, he a fortune teller. I'm sorry, I'm not a fortune teller, but a trader. Trading is like poker: Just a game of probabilities. You have to be 65% correct, even 60% would be fine. In order to achieve that, you just play the setups which are most in your favor, where the risk:reward is high enough. Trading is not a home run, where you put your money in and wait until it doubles & triples => That's HODLing/Investing. Trading is basically: You will win 65 games, but lose 35. If you think you can play this game any different: I guarantee you: you will loose your account.
Edgy_
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@drutrading88, watch my latest video, sent you pm! ;)