The setup: A possible entry has showed itself for BCH. After second cycle successfully tagged the 1.618 of previous run, it was followed by overperformance of the downside and reversal on the .236 fib level. The reversal run has exhausted itself for the time being but a reversal presents itself at this point with the .618 fib. The .618 is a strong reversal point and we are using it as an indicator that it will reverse the recent downturn and continue in the uptrend. Additional confirmation is present on the daily MACD and Stoch RSI crosses. Of the last run and fist cycle our entry also coincides with the .5 fib(weak reversal) as well.
We look to enter this trade at .176 - .178 with 5% of our total balance.
Stop is placed at .1554 below the .5 if the second cycle.
Target 1 = .235 Target 2 =.3311
We look to enter this trade at .176 - .178 with 5% of our total balance.
Stop is placed at .1554 below the .5 if the second cycle.
Target 1 = .235 Target 2 =.3311
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