Hi, dear patrons, hope you are well and welcome to the new update on Bitcoin Cash (BCH).
Previously we had a nice trade of BCH:
Previous idea after the bullish move:
Now this time, on the 4-day chart, the price action o BCH has formed a bullish Shark pattern. The priceline has already visited the oversold zone as it was dropped up to $468 and moved up. However, if the 50 simple moving average will be broken down, then it can give us another chance to catch it from the buying zone of this pattern. There is also 100 simple moving average support in the potential reversal zone.
Buying and sell targets for Shark move:
Buy between: $530 to $340
Sell between: $789 to $1265.42
The maximum extent of the potential reversal zone at 1.13 Fib level can be used as stop-loss which is $340.
Possible profit and loss ratio:
As per the above targets, this trade has a profit possibility of 270%, and a high loss possibility up to 36%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.