Crypto Analysis Report 5-9-18 Bitcoin Cash Hit My 1st Target At $1650, Next Target Is $2600

I talked about Bitcoin Cash last on 4/18,

Crypto Analysis Report 4-19-18 Bitcoin Cash Found Buyers At $600...Intro To The Curve

In that post I stated, Bitcoin Cash was bought by buyers when price hit the daily demand zone at $600 demand zone which was a low risk, high reward trade set-up for multiple reasons. I also talked about the sellers at $1000 and $1300 level, but those levels were in the middle of the curve (range) and my target 1 was $1650.

Well price hit $1650 a couple of days ago, NOW WHAT???

Price loves to travel from one extreme to the next extreme. In this case, price went from $2800 back in Jan, to $600 in May and is making its way back up. So if $400 represent low on the curve and $2800 represents high on the curve, I’m anticipating price will continue to move up to my next target at $2600.

Prior to the buyers taking out the sellers at $1650, the buyers stepped in at $1500 and were able to overtake the sellers at the $1650 level. In the process, the buyers formed a new demand level at $1500. So the trade set-up is when price comes back down to $1500, it’s an opportunity to buy long with a target at $2600. The trade is wrong if price breaches the $1400 level.

NOTE: the trade was triggered last night. If this level is going to hold, it must take out the recent high of $1844.

If you missed the trade set-up, wait for the breach the $1844, level, then buy on the pull back.

This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.