BCHUSD Back in Neutral but with bearish undertone whilst 1539 cannot be beaten
This has been a minefield to trade over the last few hours.
Longs bought at 1461 got blown away with stops at 1450 and
shorts from the same point have also been whipsawed out for
another 10 point or so loss. A complete mess.
The big green bear engulfing candle shows a lot of interest
but the pin bars at the top and bottom still signify uncertainty.
The way it's now backing and filling down the same big green
candle is mildly bullish, though. To stay that way it now has
to hold up at 1516-1504 and then start to push up into the
dynamics/parallels above it. Only once it can break above the
parallels will BCH break free of this continuation pattern. But
it cannot be shorted whilst 1516-1504 cntinues to hold up
declines. For a short to have a chance of winning now 1500
must give way which would likely lead to a fast test of 1461
again at least (safest part of this trade) and quite likely to the
lower parallel before it bounces again.
As with BTG right now this is near term neutral above
1516-1504 and yet still negative whilst unable to break above
1539 and hold up there. It's more a sell off the centre parallel
than a buy but needs to break below 1516-1504
for a quick short - or it holds up here and makes an attempt
to break the parallels above it. It remains in a weak technical
position whilst trapped below 1539 so stops on any shorts
need to be placed above here.
This has been a minefield to trade over the last few hours.
Longs bought at 1461 got blown away with stops at 1450 and
shorts from the same point have also been whipsawed out for
another 10 point or so loss. A complete mess.
The big green bear engulfing candle shows a lot of interest
but the pin bars at the top and bottom still signify uncertainty.
The way it's now backing and filling down the same big green
candle is mildly bullish, though. To stay that way it now has
to hold up at 1516-1504 and then start to push up into the
dynamics/parallels above it. Only once it can break above the
parallels will BCH break free of this continuation pattern. But
it cannot be shorted whilst 1516-1504 cntinues to hold up
declines. For a short to have a chance of winning now 1500
must give way which would likely lead to a fast test of 1461
again at least (safest part of this trade) and quite likely to the
lower parallel before it bounces again.
As with BTG right now this is near term neutral above
1516-1504 and yet still negative whilst unable to break above
1539 and hold up there. It's more a sell off the centre parallel
than a buy but needs to break below 1516-1504
for a quick short - or it holds up here and makes an attempt
to break the parallels above it. It remains in a weak technical
position whilst trapped below 1539 so stops on any shorts
need to be placed above here.