Of course,We can specify lower supports,one of them could be near 0.118. Manage stop loss right below 0.148. Breakout through resistance will confirm reversal.
is on long side, but remember that this is just an idea.
Stop loss not so tight, I suggest 0.144 in case of sell off that could indicate reversal, in other case we just ride or look for another entry.
My advice is: stay tuned, do not panic. Situation is under control until price crosses pink line rapidly and closes below. Picture:
Why buyers are on advantage?
Look at the picture shown below. We can clearly see MACD supporting long side. There is also local support that holds the price above. Local resistance has been broken and retested recently. At the end, We are close to 0.382 fibo counted from 08.12.2017 (0) to 20.12.2017 (1). If this fibonacci retracement holds the price above, we can prepare for nice bull run. Lets see then !
At this point we could say We are slowly getting stronger on this position. Once it breaks red line We can specify trend reversal. Overall Volume on BCH is still pretty low, but this movement is not so rapid. This puts us in convenient situation.
After all, I would like to point, that we consolidated well there. Patience brings us there.Crypto world is standing on its legs much stronger.
Feel free to share Your opinion.
How should You behave? IMO the best way to trade there is to wait for next opportunity. This could show up near key areas. These are: MACD crossing, Fibonacci testing or retesting support line which is shown as resistance right now.
It's been some time since entry, few important things happened.
As We considered, the price could bounce from resistance and meet support once again. Once it happens, we are going to have an extra opportunity!
Why price could go down for some time? As always, lets take a look at MACD structure. Consolidating was pretty healthy, but We met with attention around cryptos. This led us to faster growth, which could trigger bots downside. Is this good? MACD behaves naturally, I mean It launched,but started to hesitating around neutral zone.This will probably lead us to sever consolidation but descending channel is on its edge.
Lets be patient and find out!
For now we will look closer at BTC/USD.
Do You like triangle formations?
Are You exited? Positions looking good?
Well, You have reason to be happy. Markets are very optimistic.
Our trade is tracked very carefully. That's why We aren't shouting all around "BREAKOUT!". But this broke. Why couldn't be just fakeout? Look at the tricky movement telling us that resistance line forced the price to go down. Then suddenly We changed direction ... In our favor.
Could we retest red support? Of course, but at the moment this is not certain. We went through long accumulation, that's why this just could skyrocket right now.
You need to consider any actions by Yourself.
Look at the picture for more info
Check second picture in this TA for another view.
What does it mean?
This means that we need to develop. Understand market environment.
In this case we need to zoom out and trade on long term. I put there some long term ideas in this TA before,but there was no new resistance introduced.
So, here it is. Resistance that is new to us, but old to market. Resistance shown below triggered the price down 4 times! If You wish to except first sell off then it would be 3 times. Once broken, You can imagine how far moon is from there.
I'll throw nice indicator - stochastic. It is no longer on oversold side, looks like it has already launched after solid bear market :)
Now it is time to hold and wait for bigger moves in bigger time frames.
Thanks to all watching,commenting,supporting and following.
I will guide You through this mess!
Here is our fit to environment
MACD has crossed,but from now red support should help us to bounce.