BCH Bull Pennant Breakout (20 Risk to Reward Long)
BCH is currently near the end of a large bull pennant. If you take the previous upswing from last month and mirror it over to the current price, you can actually see a very interesting observation.
Taking the fib extension tool, you can see how the mirrored move up matches up with significant fib levels. The move up ends at the 1.618 extension of wave 1 (or A), which coindentially happens to be a double top from before the crash. Finally, this completes the price gap from Nov 20.
By longing at current prices with a stop below 0.0375, you have a 20 R:R trade. Alternatively, you can long the retest of the downtrend line for lower risk.
Taking the fib extension tool, you can see how the mirrored move up matches up with significant fib levels. The move up ends at the 1.618 extension of wave 1 (or A), which coindentially happens to be a double top from before the crash. Finally, this completes the price gap from Nov 20.
By longing at current prices with a stop below 0.0375, you have a 20 R:R trade. Alternatively, you can long the retest of the downtrend line for lower risk.
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