Bitcoin Cash BCH - long trade #16

Hello colleagues!

While bitcoin is once again stuck in a narrow consolidation, we have found an interesting short-term trade that we want to take.

After a successful local growth wave on September 11, the BCH price began a correction. Since 22 September, sellers have twice updated local lows. However, they failed to gain a foothold below the $205-207 range.

Given the nature of the fall in the BCH price since September 19, sellers do not have the strength to continue the pressure.

In our opinion, a new wave of BCH's likely decline may begin after the local high of $218.9 is updated. At this point, it will become clear whether the local wave of growth is part of a correction or a new growth momentum that will easily reach the medium-term target in the $225-229 range.

However, we are interested in a short-term trade with the following parameters:

Enter =205-207$.
Stop = 201.7 (- 2.14%)
TP = 218.46 (+5.99%)

P/L ratio = 2.8

We are again placing a fairly short stop order, as if buyers are weak in the $205-207 range, the price of BCH could fall sharply below $195, where we would once again take a risk on buying BCH.

We allocate $5,000 for this trade. In case of a mistake, we will receive a loss of $107. If the trade works out, we will get a profit of $299.5

Trade closed: target reached:

The price of BCH reached the target but did not reach our entry point at first. The trade is inactive.