Expecting a breakout in coming few days, possibly on this weekend if not before. Especially with all the upcoming news for BCH next week, prices are expected to surge.
Target I - 3950$ (Expecting resistance to be offered at 61.8 retracement level)
Target II - 4500$
Target III- 5300$ (can reach upto 5600$ where it would face resistance)
Disclaimer: Novice trying to learn technical analysis. Attempted first trading chart. This chart is just for informational purposes and should not be taken as investment advice. Trade at your own risk. Any suggestions on further improvements in my chart are welcomed!
@tibbit4, Yes. I know, BCH is testing our patience too much. But as you know, no crypto moves up for forever, there is some period required for consolidation to sustain the current high. Else the thing which moves up too fast, falls down also very fast.
There are other factors also like Bitcoin is tracing down currently, which is affecting the market. Recently other altcoins (even the joker ones) which have shown skyrocketing price surge, seem to have entered in a price correction mode. All these external factors also affect another coin's growth relatively. Relying only on technical analysis cannot give anybody the anticipated outcome all the time.
Wait for a bullish signal to enter the trade. But I am really thinking that this week BCH will test new highs because it has been consolidating for three long weeks.