Bitcoin Cash: Trade of the week based on Fundamentals and Technical Analysis
Bitcoin Cash has take a dive over the past couple of weeks, seeking a 25% decrease as a result of the Big Daddy, Bitcoin crashing during the same period of time.
Most of those who were investing in 2017, saw that anytime there is a hard fork, we would see a 10% bump in the coin, irregardless of what it was.
This is because when there is a hard fork, you get both of the coins.
This hardfork is set to occur during November 2018.
This doesn’t mean the Prudent investor cannot take advantage now.
What will Occur?
Bitcoin Cash appears to be in a fractal that we saw earlier this week. This can be seen in the chart below.
Based on both the Fibonacci lines and Market sentiment, this could lead to an Unleveraged goal of 7.28% or with a 10X Leverage 70%.
The RSI Stochastic will reset to the trend line that was first established on the 18th of this month, following that we will see a bullish spike up to the 0.786.
Moreover, BCH has been using the 0,5 Fib line as support for the past several days.
Nouvive issues a BUY for BCH.
If You want to buy: Enter a position at just below $543.36 with a take profit at below $582.82. Increasing Stop Losses as when in Profit.
The first stop loss should be at $442.39
This position will only occur if there is a positive bias towards Bitcoin.
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