BCHUSD - Possible Quick 25% Profit - My Plan For Trading It

BCH bounced off $960USD with a decent bit of conviction.

It's been trading in a large triangle, it's nearly at it's end and by no coincidence... it's at the very end of that triangle just as BTC starts to show some signs of a sell off/weakening buy volume.

Time for a pump? Possibly...

I'm in at about $1000 and If it drops below $950USD I'll start phasing out my position, watching BTC and BCH closely...
A break above 7540 for BTC would also be a signal to start moving out of my position in BCH, since the two still have an inverse relationship it seems.

Love it or hate it, when BTC goes down BCH goes up... BCH is exactly where you want to be to make some quick profit! Let's see what happens...

Comment:

Didn't expect BTC to rise like that to nearly $8000USD but now that it has it's definitely headed into a correction.

I phased out my position last night as I planned to as I saw BTC rising... and only lost a very small % of my money.

Earlier today I saw BTC topping out at nearly $8000USD and struggling to maintain good volume, and got back into BCH at a low of $880 approximately, which helped me make back everything I lost last night, and then some.

Comment:

Linking my related idea on BTC... there's a very important correlation between the BTC charts in August, gives me all the confidence I need that now is the time to be out of BTC and in BCH.