Despite the BCHUSD daily looks weak, some signs I noticed on weekly and 12h charts made think there will be bull run aiming 5K levels as the first target. I anticipate the run to start around 1st week of January 2018.
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An immediate retracement of %20 - %30 would not surprise me upon reaching the target.
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It has started and will probably test the first resistance level around 3800 today or tomorrow if I am right. Let's see how it goes and how the participants react. NExt stop will be 5400 levels if resistance is broken.
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Daily chart still gives bearish signal, but I am still not relying on Divergence and MACD and quite positive that the bull run is about the take off! Yet I am not %100 percent sure how successful it is going to be, possibility is quite high if you do a through math. Time wise I'll position myself within error margin of 3-5days as I believe that the wave is going to be related to the day BCH is going to be available on the new exchange! The rest time between targets can be quite short, I will try to update as fast as possible.
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Sorry for the first crappy chart, :) I did not have enough time, this should give a better idea.
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I think it will continue a little bit more like this as a steady slow rise as this will keep aggressive day traders a bit in distance and prevent any potential accident like the last time which prematurely ended the move due to day trader dumps. :) Let's see how it goes.
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With recent developments, despite it looks like going up for me it is officially in bearish sideways market now!
Very possible. Btc retarget in 7 hours may help get it started.
ripiddo
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@diego-d, I was not aware that would happen that soon. That indeed reinforces my analysis. I feel even more confident now. :) That even suggests consecutive runs in shorter period of time than I have anticipated!