Market

Pullback in BitcoinCash Towards 580 for KRAKEN:BCHUSD by Ceddy86

Trend Analysis
The main view of this trade idea is on the 15-Min Chart. The cryptocurrency BitcoinCash (BCH) is pulling back in the short term towards 580. There was some failure as the cryptocurrency attempted to break above 700 resistance. From there BCH formed a symmetrical triangle illustrated in the chart and broke below the support trend line . Expectations are for a decline towards 580. A negation of these expectations will be observed if BCH breaks above 675.

Technical Indicators

BCH recently had negative crossovers on the short and long term MAs as well as the medium and long term MAs. Currently the short (25-MA) MA is below the medium (75-MA) term MA and the medium term MA is below the long (200-MA) term MA. RSI is also below the 50 price level and the KST had a negative crossover

Recommendation

The recommendation will be to go short at market. Stop loss will be set around the 675 price level and a target of 580. This produces a risk-reward ratio of 1.69.

Disclaimer

The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in BCH.

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