Quick little analysis on Bitcoin Cash for Daytrading.
Shorted BCH near the top of the Rising Wedge. It broke bearish but there are some bullish divergences + oversold indicators on lower time frames. Higher time frames are obviously showing overbought indicators with TD9 on the daily.
I believe that BTC will be retraces soon and with it, the rest of the market. Thus, BCH should have a retrace coming too as it follows 'The King'. Since there are oversold indicators on the lower time frames and BTC continues to go sideways, we should see a bounce happen that can create a Right Shoulder for an Inverse H&S. The 'arm' / target of the Inverse H&S lands perfectly on the 0.618 Fib Level which also matches perfectly with a long term level. Also, the top of this rally seems to have hit perfectly on the long term 0.5 Fib Level.
My nickname is 'Wolf'. I was a fairly popular #Crypto trader on Twitter reaching over 130K Followers before getting banned from the platform for trolling to much. I have since 'rebranded' to a more professional image and have left the Twitter-verse to branch out onto more social media platforms such as TradingView, Facebook, Discord, Telegram, Twitch (twitch.tv/thewolfreloaded), Medium (medium.com/@wolfreloaded) and others that I am currently working on creating. Hope you enjoy my content, cheers!
I charted these live on my Twitch stream. 4/24/2018
Shorted BCH near the top of the Rising Wedge. It broke bearish but there are some bullish divergences + oversold indicators on lower time frames. Higher time frames are obviously showing overbought indicators with TD9 on the daily.
I believe that BTC will be retraces soon and with it, the rest of the market. Thus, BCH should have a retrace coming too as it follows 'The King'. Since there are oversold indicators on the lower time frames and BTC continues to go sideways, we should see a bounce happen that can create a Right Shoulder for an Inverse H&S. The 'arm' / target of the Inverse H&S lands perfectly on the 0.618 Fib Level which also matches perfectly with a long term level. Also, the top of this rally seems to have hit perfectly on the long term 0.5 Fib Level.
My nickname is 'Wolf'. I was a fairly popular #Crypto trader on Twitter reaching over 130K Followers before getting banned from the platform for trolling to much. I have since 'rebranded' to a more professional image and have left the Twitter-verse to branch out onto more social media platforms such as TradingView, Facebook, Discord, Telegram, Twitch (twitch.tv/thewolfreloaded), Medium (medium.com/@wolfreloaded) and others that I am currently working on creating. Hope you enjoy my content, cheers!
I charted these live on my Twitch stream. 4/24/2018