After 5 days of consolidation and period of rounded bottom, BCH/USD had a nice volume spike and break out of kumo cloud with positive kumo twist that indicates trend change.
We can see some divergence on RSI which indicates possible pull back.
On 4h chart, 50% retracement would be at 800 USD. My idea is to put limt buy order at previous highs between 790 and 800 USD with a stop loss at 735 USD (6,9% drawdown)
If price doesn't pull back to my buy order i will wait for another chance and won't buy until it pulls back.
Possible target at 960 USD where we have first strong resistance from previous consolidation. Possible profit 22%
We can see some divergence on RSI which indicates possible pull back.
On 4h chart, 50% retracement would be at 800 USD. My idea is to put limt buy order at previous highs between 790 and 800 USD with a stop loss at 735 USD (6,9% drawdown)
If price doesn't pull back to my buy order i will wait for another chance and won't buy until it pulls back.
Possible target at 960 USD where we have first strong resistance from previous consolidation. Possible profit 22%