ForecastCity
Long

There is a possibility of the beginning an uptrend in BCHBTC

BITFINEX:BCHBTC   None
Midterm forecast:
While the price is above the support 0.0652, beginning of uptrend is expected.
We make sure when the resistance at 0.0980 breaks.
If the support at 0.0652 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:
The Falling Wedge taking shape and as a bullish pattern suggests we will soon see another leg higher if price breaks and closes above downtrend.
The RSI resistance #1 at 56 is broken, so the probability of beginning of uptrend is increased.
While the RSI uptrend #2 is not broken, bullish wave in price would continue.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index ( RSI ) is 56.

Trading suggestion:
There is a possibility of temporary retracement to suggested support zone (0.07810 to 0.06515). if so, traders can set orders based on Price Action and expect to reach short-term targets.

Beginning of entry zone (0.07810)
Ending of entry zone (0.06515)

Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing", "Hammer" or "Valley" in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:

Take Profits:
TP1 = @0.0905
TP2 = @0.0980
TP3 = @0.1075
TP4 = @0.1210
TP5 = @0.1330
TP6 = @0.1480
TP7 = @0.1770
TP8 = @0.2010
TP9 = @0.2440
TP10 = Free
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