WillN12416

BCH/XBT, BTC, BCHM18 (Neutral)

BITFINEX:BCHBTC   Bitcoin Cash / Bitcoin
Whats up Guys,

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 bearish 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

https://www.bitmex.com/register/2Zkkvg

#Crypto #BTC #cryptocurrency #ADA #CARDANO #LTC
#LTCUSD #LitecoinNation #XRPCommunity #XRP #Ripple
#EOSUSD #BCH #BITCOINCASH

Twitter @WillNixxx

-Nix
Comment: Whats up guys,

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.

Related Ideas

Hello:)

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.

Kind regards
Reply
What confuses me is that we went over your long-entry two times and still it is heading down.
Reply
WillN12416 xTrader999
@xTrader999, Yes, i should have made that more clear - What I would want to see there, is a good solid 4 hour bar close ABOVE that line - before considering a long position. Like you pointed out, we definitely have tested that line, but on the 4 hour, the bar is still closing down - tells me that that level is a real resistance, and it is kicking price action back down.

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.
Reply
Are we likely going down now? What says your feeling?
Reply
WillN12416 xTrader999
@xTrader999, ON BCH/XBT pair, my gut tells my down, but Im not entering a position until i see a four hour bar close (convincingly) below the line of support that I have identified on the chart above. Once i see that confirmation i will likely enter a short position with SL and TP as indicated on the chart above.

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.
Reply
My TA on BTC says that we have to go to 8k first, at least. As we know when BTC drops alts follow him. Also, I thought we hitted the bch resistance already ?
Reply
WillN12416 xTrader999
@xTrader999, I'm short on BTC at the moment - with a TIGHT stop loss. See my other chart.

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
Reply
Hello Will:)

I am really interested in update, would be nice if you can do it.

Kind regards
Reply
WillN12416 xTrader999
@xTrader999, Thanks for your interest and COMMENT! I always love intelligent comment and discussion

Good luck my friend and see you on the trading floor.
Reply
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