Bitcoin Cash - READY, SET, GO $2500-$3000. Technical Analysis (Update4 - post fork, 15th)
- Posted an update on the 1Hour chart in the paid section. 6AM IST, 14th May
- Posted updates on the probable correction we talked about in update1
- Posted update on the eve of Upgrade day.
- Quick update
In our previous analysis we used TA + FA to plan for a long-term target of $10,000. That got us "READY" for Bitcoin Cash in 2018. However, I did mention that it will NOT be a straight line. So predictably we had (still having?) a healthy correction and this "SET" the stage for the next major leg-up. I will try to show you in this article that we are ready to "GO"
BCH was READY to move up since this tweet more than a month ago@$650
Fundamental Analysis (FA)/ News
I listed out the amazing things that make BCH a very strong investment in my previous article (free section). Please go through it if you haven't already.
In addition to that, here is some News and speculation
- Bitcoin Cash is only 3 Billion short of overtaking Ripple to take the #3 spot of highest MarketCap.
- The upgrade on the 15th is going to change the entire crypto market. BCH will be on par with PayPal transaction capacity. WOW!
- The biggest (and earliest) leaders ,entrepreneurs , businesses are supporting Bitcoin Cash, at least the ones who are bold enough to say it in public - Gavin Anderson, RogerV, C.W, Ryan, Coinbase, BitPay, Rick Falkvinge, Jihan, Calvin Ayre
Brief technical summary for above chart
The above chart shows that BCH has formed a nice cup and handle, although it is not perfectly horizontal, which is ok. Also the handle formation is usually not too deep and the price has corrected 38% (Fib level) which is perfect for this pattern. The likely target for this pattern is the amount of uptick from the bottom of the cup ($625-$1785)
So I drew the green arrow from the bottom to the rim and then moved it to the handle and you can see that target is coming to $2500. Nice!
What is more cool is that my other charts - Elliott waves (diff time frames), Fibonacci (Fib) levels are pointing to a similar bull move imminently. I'm not very experienced in Cup+Handle pattern , but I have some experience in Elliott waves which will be available behind the paywall
Behind the Paywall
I will include the following charts and analysis behind the paywall. I'm very grateful for your contributions and they fuel my spirit to write more and provide value. However, do let me know if the free + paid content does not add value or helped your learning and I will be happy to refund (Tweet @imkeshav)
- I will validate the above chart and the bullish trend using Elliott waves
- I will include charts on multiple time frames
- I will include charts showing 50EMA, 100EMA and how that is positive
- As per @cain request, I will include Fibonacci levels as well
- I will also include BCHBTC chart to give you a perspective
- I will share updates as we progress
Disclaimer: Please do your due diligence before investing in cryptos. Trading is much more complicated than investing and my observations are more tailored for the latter with a mid to long term view. In the market you are right until you are wrong. Have a good strategy in place and protect your CAPITAL always.
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