In my previous article on I predicted that Bitcoin Cash has formed bullish Shark and it is ready to take bullish divergence and below was that pattern:
Now the price action has taken bullish divergence and you can see that BCH has given more than 100% profit as below:
Then in my other article I predicted that the Bitcoin Cash is gonna breakout the 1st resistance level at $304.48 very soon as below figure:
Now we can see the price action has broken out the $304.48 as below:
Now the price action is struggling at second resistance level of 355.43 dollars and moved down after hitting the spike at this level and now the priceline may use the 1st resistance of $304.48 as support and I believe after that the price action may have a breakout from 2nd resistance of $ 355.43 coz after hitting the second resistance during price correction period the Bitcoin Cash is turning more bullish.
Exponential Moving Averages:
In my previous articles we have seen that the exponential moving average 10 had formed bull cross with EMA 20 on upto 3 day chart but now this bull cross is reflected upto 5 days chart:
Simple Moving Averages:
The candle sticks has crossed down simple moving averages 25, 50, 100 and 200 and all these SMAs are likely to form golden crosses below the priceline and forming an open alligator mouth with can produced more powerful bullish divergence as below:
In previous article on week chart Moving Average Convergence Divergence (MACD) was weak bearish now we can see it has turned strong bullish, and ichimoku is also turned bullish upto 3 day chart.
After receiving all above bullish indications I believe that the price action may attempt to hit key level resistance at $501 very soon.
But in worse case scenario we can use our stop loss the 1st resistance which is working as support or 0.786 Fibonacci projection of C to D leg of previous Shark pattern.
Atif Akbar (Moon333)
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