Sherem
Long

BCH hitting a double bottom?!

BITSTAMP:BCHUSD   Bitcoin Cash / U.S. Dollar
Let's get right to what's going on, in bullet format!

1. BCH has hit this double bottom area and bounced off of it.
2. MACD has crossed up on the daily
3. RSI broken out of this downward trendline .
4. It hit the previous resistance point/ ema and moved off of it and is consolidating

It appears we are going to get a move up, but how far we go is the question? BTC appears to be heading towards it's massive trendline . IF BCH does the same, we could get a MAJOR move up, or it just goes up to this 900-1k area before reverting back down. We'll have to see how this move up goes!

Happy Trading!

-Sherem
Comment: This was by request, have something you want me to look at? let me know!
Trade active: Well shoot, I wasn't planning on trading BCH, but this move looks good. I hopped in at 740.
Comment: Looking good here as well -
Comment: Need to get over 800 for a more serious move.
Comment: For any continuation to happen this 715-720 area needs to hold, watch it closely. also keep an eye on what btc does here.
Comment: Nothing good coming from this move, my stop was hit. If we break 650, look out below.
All my posts are not intended as financial advice, just me sharing what i am doing with my research and positions. Don't stress, pick your points and don't use leverage.

Comments

So, is this trade back on? Popped over 800
Reply
Sherem tundrascott
@tundrascott, I'll be honest, it's really hard to say at this point. Yeah, the chart looks good and technically if we get a solid breakout of 800 it's going to 900, but I am just leary of it right now... I mean everything went up on blackRock news, but all blackrock said was "hey we are starting to look into it more" not we are going to invest a ton of money into it. Not much of a reason for the cryptos to jump as much as they did. IMO. TntSunrise, caught it down below at 700, so maybe it's playing out at this 800 level? Hard to say :-/

Reply
@Sherem, I hang with a group of hardcore cycle traders that would say here that BCH had a relatively recent Intermediate Cycle Low (likely Yearly Cycle Low) on April 4, with a left handed and extended Daily Cycle with a DC1 on June 28. We're on day 18 of DC2 so with cryptos that gives us at least 2, likely 4 weeks more of upside in this daily cycle in any sort of healthy market, unless the entire yearly uptrend is going to fail. Makes it highly probable that it will hold over 800 ' : /

This crude monthly chart of BCH since birth says no to Yearly uptrend line breach
Reply
Any idea how bch/btc it is going to move.Thank you for your time and effort.
+1 Reply
Sherem BuyGanyo
@BuyGanyo, hard to say on that one. It still has downside, but also room for a rebound
+1 Reply
Good call. I jumped in at 770. I wanted a bit more confirmation.

How about analyzing something that isn't a BTC clone in movement. Something like BNB or OMG or maybe NEO.
Reply
Sherem theredbaronZ
@theredbaronZ, Good idea, i will do Neo
Reply
Sherem theredbaronZ
@theredbaronZ, Actually, going to do BNB, NEO chart looks way to similar to BTC and everything else. It will just do the same thing but on a smaller scale
+1 Reply
@Sherem, Cool. BNB is fun. Lots of movement that is out of synch with BTC. I wonder if it is being manipulated by Binance...
Reply
Sherem theredbaronZ
@theredbaronZ, Yeah, good chart on it. Posted it -
Reply
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