I am really, really new at this. Beware. As others have stated, a/some whale(s) appear to be playing with us. I figure the best way to learn and develop my own analytical methodology is to document my successes and failures openly =)
Analysis based on past volume, support, and resistance levels. This analysis is not based on any particular methodology passed on to me by anyone else. It is in part intuition. The resulting trades are probably rather conservation because I am using rectangles for analysis -- not all of those fancy trend lines and triangles that the big boys use.
I do not claim to know which direction the price will go. I hope to estimate the distance it will move after a breakout. Not financial advice. Good luck out there.
Area color legend: - Red = resistance - Green = support - Yellow = volume voids or price gaps - Blue = consolidation
—Strategy for Trade—
I am not actually trading this analysis. Just decided to study another crypto being talked about. I am rather biased against BCH, but it seems that the upwards trend may continue up and stall out at 0.14 BTC and 0.16 BTC.
I will not be counting this setup in my Track Record because I think it is rather undependable on the timeframe of a week.
Cheers, AetherMass
— Resulting potential trade —
Long at 0.1359 BTC Stop (sell) at 0.13222 BTC with loss of 2.71% Profit (sell) at 0.15268 BTC with gain of 12.35% Risk reward ratio of 4.56
Short at 0.11645 BTC Stop (buy) at 0.11895 BTC with loss of 2.15% Profit at (buy) 0.10895 BTC with gain of 6.44% Risk reward ratio of 3.00
Trade active
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Trade entered on the positive side. BTC/USD is battling with the $9,000 USD level at the moment. BCH getting all the way to 0.15 BTC seems improbable to me but that was what my project indicated.
Note: I did not make this trade myself and I am not counting it against my Track Record.
Trade closed: target reached
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Target reached and overshot. At least a few alts are surging while BTC/USD is hovering at $9,000.