Bitcoin Cash (BCC / BCH) started moving yesterday, it started to move, started to move strong. This completely changed the charts and gave us an opening to a new trade, even with these declining markets… Let’s see what we are looking at here, but first, why is Bitcoin Cash price climbing when everything else is going down?
You know how big and easy news move this market, the cryptocurrency market, and there are big news for the Cryptocurrency community. There is a conference in Mexico from the 15th to the 18th February where many cryptocurrency experts will attend and give lectures about the cryptocurrency markets and other important topics. It turns out that Bitcoin.com, owned by Roger Ver, Bitcoin Cash main guy, is the main sponsor of this event. Making it basically a Bitcoin Cash sponsored event, so this can be one of the reasons the price started to move up suddenly.
Not only this is good news for Bitcoin Cash and gives us the chance for a profitable trade, each time Bitcoin Cash had breakouts like these in the past it translated into a strong bull run… Take a quick look at the daily chart (the exception is the 3rd orange circle):
- On the chart above you can also see how the MACD just crossed over and it is trending upward. You can see plenty of room left for growth. If more momentum builds up, Bitcoin Cash has the potential for a very strong run. There is also the chance of having the same as in the 10th January (3rd orange circle), since the volume is very low, not enough momentum might not give us the push we need for a nice bull run. We will allow the charts and markets to decide what comes next, in the meantime we open our positions, and prepare for the best.
- The TD indicator is giving us another positive signal. We just started a new green count after reaching a full 13 negative count, this is a good sign, we will know in a very short few days how exactly this trade will develop, no need to wait long.
- Bitcoin Cash movement started after reaching a bottom @ 0.1206, a price that hasn’t been seen since December 19th, almost two months ago. So basically two months of retrace and consolidation from our last run… We traded that one as well. It was a profitable ride.
- The price broke and remained above the EMA30 & 90 price line, this is a very positive signal. This was a resistance point that was easily broken and will now serve as support.
- The weekly chart candles, chart formation and overall picture, gives us room for plenty of growth. Closing this week positive can give us the next week a strong run. Let’s trade Bitcoin Cash, let’s make some money with this coin.
- The fact that Bitcoin Cash broke free from Bitcoins hold, is also a positive signal.
Note: There are some bearish signals for this trade, so this isn’t 100% bull time but, this is a trade that can be done. Keep your stop loss and watch and… Let’s Trade!
Bitcoin Cash Trade Analysis by Alan Masters
Buy-in: 0.144 – 0.178
(4) 0.427 (All Time High)
Note: These are our normal targets, these can take time to be reached, since we are in a market correction and this can turn sour fast, I am also sharing shorter term targets below…
Shorter term targets:
These “shorter term targets” can be used to take profits on the short term in case you want to move out of your trade or just secure your profits faster.
Trade strategy: We are still on a market wide correction, the markets are down, so this is a risky trade. As the price of Bitcoin Cash increases, regardless of the targets, you should sell portions of your holdings to secure profits. You can start to consider selling after you go pass 10-20% increase above your buy-in, then just follow the targets. If the trend starts to reverse after we are moving up, I will be updating the stop loss every time a target is reached. This will allow for higher potential earnings and lower risk.
Message of the day: Inspiration
I am inspired to tell you how good we do, you do, when things don’t go our way.
It is good to learn to prosper, even when things are not looking so great.
Times change, the season passed. Don’t worry about the summer, winter won’t last.
Time is today, the world seems so great, why not take a minute, to cherish yourself?
Why not take a minute, to develop your Soul?
Yes, take some time off, to know who you are.
Thank you for your continued support.
Namaste my brother, such an incredible beautiful Soul.