Why We Should Buy Bitcoin Cash (BCH) | The Strong Reasons How The BCH Has Completed The Bullish Setup For Upto 163% Gains
Why We Should Buy Bitcoin Cash (BCH) | The Strong Reasons How The BCH Has Completed The Bullish Setup For Upto 163% Gains
Why We Should Buy Bitcoin Cash (BCH) | The Strong Reasons How The BCH Has Completed The Bullish Setup For Upto 163% Gains

By moon333 | moon333 | 23 Dec 2019


The price correction and formation of pennant:

After taking a powerful bullish divergence in Dec 2018 the price action made upto 608% big move after that the price action of 5th leading cryptocurrency Bitcoin Cash is going through the price correction period since Jun 2019 Upto Dec 2019.

Now the price action is hitting 0.786 Fibonacci projection of lowest point of Dec 2018 to highest point of Jun 2019.

With the price correction the price action has also formed a pennant with four touches at the support of the pennant, this time the priceline has hit the spike beyond the lowest band of Bollinger bands and hit the support of the pennant and like to have a bounce form this point.

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The moving averages:

If we see the moving averages then on day chart the exponential moving average 10 is likely to form a golden cross with exponential moving average 20 like it formed in Oct 2019, at this time the EMA 10 is crossing down the price action to lift it up then it might form a golden cross with EMA 20.

It will be 1st golden cross of above said exponential moving averages since after death cross which was formed on 17 Nov 2019 but this time the price action has already hit the support of pennant therefore this time we can have more powerful bullish divergence than the previous move Oct 2019.

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The true cloud reversal:

On 4hr after 12 Nov 2019 the ichimoku cloud is proper reversed to bullish 1st time after 12 Nov 2019 when it was turned bearish during this time period the cloud was reversed to bullish on 3 Dec but that was clearly false reversal coz at that time the lagging span was failed to cross up the priceline and conversion line was also not able to proper cross up the base line but this time we can see very clear the lagging span has proper crossed up the candle sticks and conversion line has also crossed up the base line in very obvious manner and the cloud is also turned bullish therefore this time the cloud reversal is likely to be very true.

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Oscillators:

Back on day chart the Relative strength index (RSI) was oversold and now it has turned strong bullish on the other hand if we see the stochastic RSI then it was also oversold and now turned strong bullish by giving bull cross from oversold zone and the moving average convergence divergence (MACD) has also given strong bullish signals by giving bull cross.

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The harmonic move and Volume profile:

On week chart the price action of Bitcoin Cash has also formed a Gartley pattern which was started since Dec 2018.

After initial leg (X to A) the A to B leg is retraced almost upto 0.618 Fibonacci (there is slight difference of 0.027 Fibonacci but all legs are driven perfectly as required for bullish Gartley therefore I have ignored this slight difference and considering it upto 0.618 Fibonacci levels), then B to C leg is projected between 0.382 to 0.886 Fibonacci projection of A to B leg and finally the C to D leg is retraced between 0.618 to 0.786 Fibonacci level and here the Gartley is completed and from this are the potential reversal zone starts.

Now the price action is expected to take bullish divergence between 0.382 to 0.786 Fibonacci projection of A to D leg as it has already projected and again entered in potential reversal zone but the price line may take another bullish divergence to hit the sell zone as if we see the Volume profile of complete pattern then it is still showing very less interest of traders below this potential reversal zone of Gartley pattern.

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So according to this pattern we can set our targets as below:

 

Buy between: 243.03 to 168.34

 

Sell between: 301.81 to 443.66

 

So this time the Bitcoin Cash's move has potential to give upto 163% gains, however our stop loss point would be the base of this potential reversal zone in case of complete candle sticks closes below this support level.

 

I have also shared the trading view link below where you can find my all published trading ideas and i have also shared the binance exchange's link that is one of the best exchange to trade Bitcoin Cash and many cryptocurrencies.

 

Regards,

Atif Akbar (moon333)

 


moon333
moon333

Hi, My name is Atif Akbar and I am trading charts author of all kind of assets


moon333
moon333

Hi my name is Atif Akbar and I am one of the top 3 authors of cryptocurrency trading charts as per tradingveiw I publish there with my username moon333 to verify you can visit: https://www.tradingview.com/markets/cryptocurrencies/ideas/ I also publish the charts of different other assets like forex, commodities, CFDs Stocks e.t.c. Here you will find perfect predictions on different trading assets.

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