Bitcoin Cash - Lock and loaded

POLONIEX:BCHUSDT   Bitcoin Cash / Tether USD
Disclaimer: I would just like to make clear that I am agnostic to the war that has unraveled between the two coins and that I will strive to remain unbiased in my analysis.

Fundamentals: Bitcoin Cash 3.17% has had an interesting announcement just recently by Roger Ver himself (check out his twitter ): Visa debit cards. The aim is to make the currency utilitarian as opposed to mere store of value. In addition, Coinbase has announced it will make Bitcoin Cash 3.17% available on it's platform which will inevitably bring it into contact with the mainstream. The "cashening" event might have been too aggressive to succeed but have good look at the price, yes you saw it, the correction has now put it up 4x its "ATL" and just below 1/2 of its "ATH". It has a significant market cap and just on a fundamental basis I find it hard to believe BCH could in any way go downhill from here (in the long term). Enough of that, now to the fun part.

TA: Wave theory seems to be working pretty well on BCH. The most interesting feature is the descending wedge as a long correction to the cashening event. There is quite a lot of upside potential given that the 50 day MA is aiming at sweeping under the price action and the daily MACD is hinting a bullish pivot . As a fan of the Ichimoku cloud , I couldn't help but include it. This indicator is telling us there is room for a bullish reversal.

The A - B - C wave structure may not be completed and we may see a breakout straight through B. Ideally, the aim is to open a long term hold position. Therefore, you can either wait for a retracement to any of the support levels or if you are not so convinced about the outcome here, wait until the breakout to buy. The 1500 resistance level is local to the wedge and if surpassed could rapidly lead to retesting the 1765 resistance level .

Hopefully it is all clear and I haven't forgotten anything. Good luck.
Comment: Trade successful, I guess.


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