[Bitop Review] Today’s Cryptocurrency Analysis: BCH, ZEC, and RPL
After consolidating for about ten days, BCH finally broke out upwards, reaching up to $600 before pulling back. At the time of writing, it is trading at $567.8, with a 24-hour drop of 3.13%.
This is a good opportunity to enter for short-term trading during the pullback. The entry point to watch is around $550, which is near the Fibonacci 0.618 level. Target prices for taking profits can be set at $620 and $680 respectively; the former being the measured move from the breakout, and the latter being the Fibonacci 1.618 level plus the lower end of the resistance area. Set the stop loss around $534, below the Fibonacci 0.5 level and the previous support zone.
l Entry: $550 — $554
l Take Profit: $620 / $680
l Stop Loss: $530 — $534
l ROI: 4.06–7.59
The ascending channel for ZEC has been in place for about half a year, with an even steeper channel forming since early October. Besides the general uplift from Bitcoin’s rise, ZEC miners’ rewards were halved this year, adding to the bullish sentiment. At the time of writing, ZEC is trading at $72.1, down 1.43% in the last 24 hours.
After breaking out of a smaller ascending channel with significant volume (green parallel lines), ZEC began to pull back within a larger ascending channel (purple parallel lines), presenting a good entry point. If everything goes smoothly, the price should bounce back after retesting the channel and potentially break out from this large channel. Here are the reference points for investors:
l Entry: $62.5 — $66
l Take Profit: $100 — $105
l Stop Loss: $61.9
l ROI: 11.29–12.58
Recently, RPL has shown impressive performance. A downtrend channel formed since early August (purple parallel lines) failed to break out with volume on August 23, leading to further weakness. However, when the market least expected it, a significant reversal occurred on November 5, with strong volume breakouts on November 25 and 26, pushing the price past several previous highs until it began to pull back at around $16.8 today. At the time of writing, it is trading at $16.33, up by 0.31% in the last 24 hours.
If the price starts to correct here, it is expected to fall to around the Fibonacci 0.618 level, which could be another good entry point. Here are some price levels investors might focus:
l Entry: $13.8 — $14
l Take Profit: $20 — $21.5
l Stop Loss: $13
l ROI: 6.78–8.44
Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.
