Most of my explanation is on the chart, to keep it concise.
I have basically made the case for both a long and short opportunity. We will want to watch this closely over the next 4-24 hours to see how the market reacts, to pick a side. My gut tells me we're headed down. I don't let my gut make my financial decisions though.
Bitcoin is right now. I am target 7600 and will issue an update chart for that soon. see my previous charts for analysis, linked below.
I will update everyone if I enter a trade.
Ten Likes and I will update the chart
Intelligent disagreement welcomed
Good Luck - See you on the trading floors
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not much development on this chart as of yet, however, we do see that the line i pointed out originally has held up the price again a few more times.
Lets keep a close watch on this looking for a short (most likely) or a long opportunity to develop.
Let me know if you have any questions.
I would like to get an update. We closed yesterdays 4hr candle at 14:00PM UTC + 02 below 1525 (BitMex) and we rapidly dropped to 1420. From the 1450 level on we reversed to 1515 24hr highest level again. Now we‘re back at 1445. What is your opinion? Any suggestion what to do now? I would really like to enter a position.
We have a pretty tight range weve been trading in for a little bit now - with a really solid support below (14808) and a solid resistance above (15526)
Rest assured, if I enter a trade - I will update this chart with my move. Im still neutral on it.
If i see the price action break above the Resistance line of the descending triangle, i similarly would likely enter a LONG position on this.
In other words, I am still very much neutral on BCH.
I expect 7800-7600 over the next week (if not sooner as we see moves of that size are VERY easy for the traders to accomplish).
Stop Loss is critical - dont go down with an idea - this market is TOO TOO unpredictable, and TOO TOO manipulated
Good luck my friend and see you on the trading floor.