In my previous post we finally witnessed that the Bitcoin Cash had broken out the resistance of the pennant and produced more than 43% profit in 1st rally:
In previous article the exponential moving average 10 had formed bull cross with exponential moving average 20 up to 3 day chart but now this bull cross is reflected upto week chart which is really a very strong bullish indication and we are seeing this bull cross 1st time since after May 2019:
Previously the ichimoku cloud was turned bullish upto 1 day chart but now it has turned bullish upto 4 day chart and this time lagging span has crossed up the bullish cloud with bull cross formation between conversion line and base line, and candle sticks likely to cross up the cloud very soon.
Previously the MACD upto 1 week chart was weak bearish and stochastic had given bull cross but now upto 3 weeks chart the MACD has turned strong bullish and Stochastic has given bull cross 1st time since after 19 Mar 2019.
In Oct 2019 I posted an idea on tradingview where I predicted that the Bitcoin Cash has formed Gartley pattern and it can move upto 133% from the potential reversal zone of this gartley pattern now you can see the price action has taken powerful bullish divergence and so far it has produced more than 110% profit.
But if the candle sticks will be closed above 133% level which is the 0.786 Foibonacci projection of A to D leg of this Gartley pattern then we can witness more powerful bull rally which can lead to break out from the key level resistance at $501.
In may 2019 the simple moving averages 200SMA, 100SMA, 50SMA and 25SMA on day chart formed a complete opened alligator mouth which leaded the price action from 76 dollar to 517 dollars.
Now the these simple moving averages are likely to form same alligator's mouth very soon.
Now lets move to previous post again as we have already seen that we have 3 resistance levels one above another.
1st Resistance at: $304.48
2nd Resistance at: $355.43
3rd and Key level Resistance at: $501
Now lets have a look at price action move from $170 up til now since I am posting the predictions of Bitcoin Cash. 1st the price action broke the 1st resistance at $304.48 and then moved down and retested this resistance as support now in next rally the price action has broke out the 2nd resistance level at $355.43 and now the candle sticks are consolidating and likely to make a same move of price correction again and soon the priceline will retest the previous resistance of $355.43 as support and in case of successful retest the price action will take the bullish divergence and may hit the 3rd and key level resistance at $501 and this one will be approximately 40% bullish move and we will be up by 194% from $170, and if the $501 resistance will be broken out then we can see a massive powerful bull rally.
Sofar my stop loss is still $304.48 that is the 1st resistance and now working as a very strong support specially after successful retest.
Atif Akbar (moon333)
I have also shared the tradingview link below where you can find my all trading ideas and I have also shared Binance exchange link that is one of the largest trading exchange for cryptocurrencies