BCH/BTC Price Analysis: Bulls on board with the W-formation
- BCH/BTC is trading on the bid within a bullish 4-hour trading environment,
- Daily W-formation offers a bullish bias following the 61.8% correction.
Further to the prior analysis, BCH/BTC Price Analysis: Daily upside extension in the making, the price action, as expected, is teeing-up for a bullish outcome.
The following outlines the prospects for the set-up from a swing-trading perspective.
Daily chart
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The W-formation was completed on a retest of the neckline in a full 61.8% Fibonacci retracement.
The prospects from here are now bullish for an extension to the upside.
The 4-hour chart can be used to identify an optimal entry point and stop loss.
The stop-loss can be placed below the structure.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
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