BCH trade set up

6 Ara 2023

Weekly time frame

After a 90% decline from its ATH, BCHUSDT evolved in a range market for a full year before exploding upward in June with astonishing volumes. There was a very bullish news which amplified the movement.

Daily time frame



Since then, prices are digesting this big movement in a triangle consolidation which could soon be over. We can take advantage of this set up to expose ourselves to an interesting risk reward ratio.

Strategy
Buying on a break of the 260$ resistance line.

• Objective 1: Top of the previous movement at 300$ (+15%)
  
• Objective 2: Next resistance, just before the triangle target at 390$ (+50%)
  
• Objective 3: Weekly close ATH at 1430$ (+450%)
  

Invalidation
Mental Stop: below the last triangle bottom at 220$

If prices retrace to this level we will wait for the daily closing price then set a Stop loss ¼ or Risk below the daily close price.
Risk = Distance between Mental stop and entry point.

27 Şub 2024

Not

Objective 1 has been reached today ✅!

It is time to take some profits.
The remaining portion will target the next objectives.

TO BE CONTINUED....

2 Mar 2024

Not

Tonight BCH smashed through our Objective 2 ✅

Time to take some profit at this level, congrats!

The remaining portion will still target our next objective.

TO BE CONTINUED...

5 Mar 2024

İşlem elle kapatılmış

5 Mar 2024

İşlem kapandı: durdurma seviyesi

protective Stop loss has been executed today on this high volatility day at 426$

We are out of this trade with a perf of 64%.

Let's move on and prepare our next opportunities