BCCUSD - Technical Analysis October 2, 2017 - Current Price $426
![chart-1905225_640.png](https://steemitimages.com/DQmdSncX8TDdzpjF1taFGkLkj8dbGnNmQCvebfwZJEmCCpX/chart-1905225_640.png)
BitCoin Cash
daily
Bitcoin Cash on the daily time frame has formed what is known as a symmetrical triangle. It doesn't denote a direction, simply that a large scale move is probably going to occur by the time we reach the apex.
As the coin is still relatively new there isn't an awful lot of data for the technical indicators to pull from. We are only just seeing the Stochastic RSI (adjusted for 24 hours) appear on the daily chart, and some of the moving averages are still not present.
Looking at this formation and the data available, price progression will occur when the daily pivot ($487) and 30ema ($466) are reclaimed.
4 hour
The MACD on the 4 hour time frame is cause for a cautious approach to entering a position. A bearish MACD cross could drive another test of the lower support on the daily symmetrical triangle formation.
If bitcoin cash bounces here we have set a higher low, and reclaiming the 4 hour pivot would be extremely conducive to price progression and may drive a test of the upper trendline resistance.
1 hour
The 1 hour time frame is what has caught my attention. Notice the MACD is ready for a bullish divergence as the Stochastic RSI is exiting downtrend with that giant candle volume.
Its my personal opinion that bitcoin cash price has been pegged for accumulation.
Bullish Above: $446 ... very bullish above $488 with trendline resistance at $607
Bearish Below: $394 .... very bearish below $357
RISK TRADE: scale a long position here for a retest of the 4 hour pivot, set a stop loss.
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Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.
Good to see you spot triangle quite early amd we can prepare for a long order.
Divergence on short term time frame give good 10% profit at least as far as my experience is with divergence trading.
absolutely, so carefully entering a position here increases the reward to risk ratio, creating a buffer. Thank you for your comment!
I will wait a bit more before buying it. Staying more in btc at the moment.
I can dig it, I trade alts to accumulate BTC but i have intrigue in BCash!
Great overview and break down @satchmo!
thanks very much!
resteem this post :)
Thanks Arie!
Its only for you
(It does not matter how many times you get knocked down, but how many times you get up)
Good luck for future
Upvoted and RESTEEMED :)
Thank you !
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