Hello traders, TraderNoxtreme back with you weekly Bitcoin Cash in depth. Please like this idea if you agree. Subscribe if you want more and comment if you have something to say.
Sentiment: With the rally yesterday most of the chatter seems to be about the next rally, when to buy more in a bull market, and when you should take profit. There is also a ton of positive development and partner news happening because consensus. Overall it seems like kid in a candy store mentality. I’m a bit concerned we could get blindsided here. Binance was hacked like 4 days ago NYAG is still investigating tether. Oh, how quickly we forget.
BCH Weekly 5/13/19: Ludicrous Mode Active. After the impressive rally yesterday, I am thinking that we could indeed confirm our bull flag from the April rally. This target feels pretty crazy to me but I have made what seemed like outlandish predictions on BCH before and it confirmed them to my surprise. This time I’m just going to go with it and call 475 as our upside target. Being that BCH tends to overshoot everything I would not be surprised to see us run all the way up to 638 and then pull back quickly. This being said we hit the top of our gap from the SV fork and bounced off pretty hard which I expected in the moment and used to accumulate a little more. I also caught two 3% scalp trades during the insane volatility that immediately followed. Our RSI the high side of neutral at 56. MacD is showing clear bullish momentum. We bounced off our 50ma, which happened to coincide with our old price action at the top of our gap. A break of 383.09 could signal our next leg up and weekly RSI says we have room BUT keep in mind that this is still the highest we have ever been on the weekly RSI. We have a clear bull flag break out on the weekly and most indicators bullish. We could pull back to around 360 and remain bullish. And as we speak, we are breaking 383 WOOT!
BCH 1D 5/13/19: Holy Volatility Bat Man 33%, 15%, 15%. These are the ranges of the last 3 candles on the daily and todays will likely increase. I have been scalping and accumulating this one. Golden cross clearly signaled early start of this bull run on the daily. SUCH A CLEAR SIGNAL and my chart was on the money. RSI is oversold at 78 but we went all the way up to 90 during the April run up so I think there might be some room. Stay out if you cannot actively manage your positions. MacD showing increasing confidence of a bull breakout. Our 26EMA is showing nice support on the 1d. Seems like its giving us multiple solid entry points. Take note of this pattern for accumulation in the future. VERY bullish chart here
BCH 4hr 5/13/19: BCH on Fire. Again, Golden cross gave the perfect signal for the start of our recent bull run. Currently we have very large trading ranges. Holding 383 keeps me bullish; coming down to 363 makes me cautious; testing 340 makes me nervous. All of our moving averages are quite a way away but this should be expected after a run. RSI is 74 which is oversold but still quite reasonable considering we have gone as high as 94. MacD shows some uncertainty if we will keep running or not. Currently, we have another very bullish chart. A few things stand out here that add to our mid term bullish outlook. We now have formed a new bullish uptrend line. We held our previous uptrend line starting BEFORE April perfectly. And of course, we broke through the top of our bull flag with notable volume and conviction. I expect 400 psychological resistance will hold us up a little. We might come back down to 383 and/or test 363 but hopefully we will hold there and continue up
BCH 1hr 5/13/19: Hard to find an entry On the 1hr we can well that 383 hold is best 363 hold is good and 340 hold is needed or we will then be looking for a higher low on the daily chart. Possibly around 310. RSI 74 and MacD showing breakout but we already know this. For the life of me I can not see anything on this chart that would signal a buy other than the 50 and 200 MA cross and maybe bullishly crossing 54 on the RSI. Looks like we have a new ascending channel.
Closing Note: I have been adding a little when 15min RSI goes below 41. Not investment advice. We are running HARD but we could flip at any min and head down to make our daily higher low. BE CAUTIOUS. If you’re not able to watch then wait for the daily higher low as we are likely going to pull back HARD if we keep running like this.
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Nailed the 4 hr call. Ran to 407 overhead resistance and bounced off. Pulled back harder then I would like but this is BCH so we should expect this by now. Holding above 383 for the time being. I adjusted the channel a bit to fit our bounce off 407 and threw some prediction lines in there yesterday which price is following nicely so far. Would like to see the volume stay up, RSI creep back to the yellow line at 54 and the price to settle right on 383 to build support IF we are going up. Next 1-5 bars will likely be the break up or down. BCH and BTC have run similar percent in the last 7 days. Odds of bull or bear break are slightly in favor of the bulls I would say. We are near support, we have been in a bull trend for a few months now (mid and, debatably, long term trends have shifted to the bulls). 13EMA is coming up to provide extra support and 26EMA is now supporting 363. There is also some solid price support at 363. This being said, we have run 43% in the last 3 days, we have only formed one support range between 363 and 340 AND we are just beginning a new daily candle. Good luck my friends.