BCH/USD - Trading Opportunities Ahead
Traders I recommend reading this entire post so that you fully understand what I have done, and how I have come to this analysis.
With Bitcoin recently hitting a massive high, it is bound for an eventual correction. Here we have BCH/USD on the 4H chart. Price recently chad a small upside correction after a compelling down impulse. Now, price is at a juncture and there is good opportunities to trade this market.
Price recently showed a pullback after an impulse down leg and some continuation downside. My bias is that downside is the most likely option for this pair. However, we must consider both possibilities.
I am expecting price to correct further to the downside, however (as above) there is possible opportunity for both a buy and a sell signal on this chart. Below, I have listed a few likely trading scenarios this pair could take below.
-Price manages to break channel support and continues the down move started by the previous impulse leg and hits it's target in the support zone at around 1025.000000. (See chart for details)
-Price bounces off the recently formed channel support level, and trades to the upside, breaking previous side-wards resistance and moving toward the upward target of 1780.700000
-Price bounces off channel support, retests the side-wards resistance AGAIN, before finally breaking down. (This scenario would prove the safest and best probability trading scenario if it plays out.)
Bare in mind we need to see a confirmation before this trade is valid. So you need to watch this chart carefully before considering a position.
In my related ideas, I have posted a few Cryptocurrency analysis. It takes me a while to write up these analysis on TradingView, so if you could like & follow my profile that would be highly appreciated.
I will be updating this analysis as the trade progresses.
With Bitcoin recently hitting a massive high, it is bound for an eventual correction. Here we have BCH/USD on the 4H chart. Price recently chad a small upside correction after a compelling down impulse. Now, price is at a juncture and there is good opportunities to trade this market.
Price recently showed a pullback after an impulse down leg and some continuation downside. My bias is that downside is the most likely option for this pair. However, we must consider both possibilities.
I am expecting price to correct further to the downside, however (as above) there is possible opportunity for both a buy and a sell signal on this chart. Below, I have listed a few likely trading scenarios this pair could take below.
-Price manages to break channel support and continues the down move started by the previous impulse leg and hits it's target in the support zone at around 1025.000000. (See chart for details)
-Price bounces off the recently formed channel support level, and trades to the upside, breaking previous side-wards resistance and moving toward the upward target of 1780.700000
-Price bounces off channel support, retests the side-wards resistance AGAIN, before finally breaking down. (This scenario would prove the safest and best probability trading scenario if it plays out.)
Bare in mind we need to see a confirmation before this trade is valid. So you need to watch this chart carefully before considering a position.
In my related ideas, I have posted a few Cryptocurrency analysis. It takes me a while to write up these analysis on TradingView, so if you could like & follow my profile that would be highly appreciated.
I will be updating this analysis as the trade progresses.
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