My Hypothesis, just sharing ideas.
Method used:
> Fib. Circles to determine major lines for support and resistance especially when the chart history is not available like BTC.
>With the Full chart, it helped determine the Major channel from April to May.
> Fib pitchfork to help identify the trend boundaries and if those boundaries are hit, it increases the likeliness of a trend change. On my chart, this is the light blue shaded areas.
The white section within is the channel
Observations:
The pitchfork channel with light blue shading indicates BCH is operating at the high end of channel, which lets us know if it gravitates higher, then the force is to for a correction\pullback, etc
We have not gone beyond this channel, above the blue shaded strip, indicating between 100% to 200%. acceptable levels.
On the 4 HRLY Chart:
Next fib ring (black) is the next major resistance is 440-450
note: confirmation as to the resistance (red line) at 400 in this trend.
Major supports (blue lines) and it seems the bottom of the fib. channel region is this, with the fib. ring confirming it. Refer to the Daily chart for EMAs (100 and 200) confirmation.
Note: On the RSI\4 HRLY chart and on the main chart, in Red marked region overlapping the light blue section. If you noticed, the current boundaries for the RSI for strength on the upside (blue channel), if this is broken blow, the strength will learn towards a downward trend. If it hits the RED section on the RSI, it would most likely correlate to the bottom section of the channel which also as explained, is the trend reversal region.
Conclusion:
Still in a strong uptrend with resistance of 400, 420 and 440-450. 450 or 480 being the target with a potential reversal. I think this equates to BTC 8400 and 9000 range.
DAILY Chart, with EMAs
4 HRLY chart
Method used:
> Fib. Circles to determine major lines for support and resistance especially when the chart history is not available like BTC.
>With the Full chart, it helped determine the Major channel from April to May.
> Fib pitchfork to help identify the trend boundaries and if those boundaries are hit, it increases the likeliness of a trend change. On my chart, this is the light blue shaded areas.
The white section within is the channel
Observations:
The pitchfork channel with light blue shading indicates BCH is operating at the high end of channel, which lets us know if it gravitates higher, then the force is to for a correction\pullback, etc
We have not gone beyond this channel, above the blue shaded strip, indicating between 100% to 200%. acceptable levels.
On the 4 HRLY Chart:
Next fib ring (black) is the next major resistance is 440-450
note: confirmation as to the resistance (red line) at 400 in this trend.
Major supports (blue lines) and it seems the bottom of the fib. channel region is this, with the fib. ring confirming it. Refer to the Daily chart for EMAs (100 and 200) confirmation.
Note: On the RSI\4 HRLY chart and on the main chart, in Red marked region overlapping the light blue section. If you noticed, the current boundaries for the RSI for strength on the upside (blue channel), if this is broken blow, the strength will learn towards a downward trend. If it hits the RED section on the RSI, it would most likely correlate to the bottom section of the channel which also as explained, is the trend reversal region.
Conclusion:
Still in a strong uptrend with resistance of 400, 420 and 440-450. 450 or 480 being the target with a potential reversal. I think this equates to BTC 8400 and 9000 range.
DAILY Chart, with EMAs
4 HRLY chart
Trade active:
Progress
Trade closed: stop reached:
It seems we fell short of the target for now and the BTC pullback is on the way.
The below chart shows a number of possible reasons as to where the support will come, however we will be requiring the RSI to give as a projected price.
Hence I outlined the possible levels for the support.
The below chart shows a number of possible reasons as to where the support will come, however we will be requiring the RSI to give as a projected price.
Hence I outlined the possible levels for the support.
Discord: TradeToProspa
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
