Playj

bch pushing for continuation

Long
BITFINEX:BCHUSD   None
I was a little cautious about getting back into bch after seeing how big the up move was especially after seeing the first major move within the first month of trading when we got up to almost 900 then it fell to like 300. Didn't want to get involved in a very risky trade but you can see we have a break of the one hour downtrend line. This is also a very common pattern in crypto after a big move. I would def have stop at the low of the consolidation I marked three areas where you could put a stop me personally am looking for a longer term hold so setting stop a little lose . normally I would set a stop at local low of like 590 but I'm going to give it extra room around the 560 area or bottom stop level I would look to add on a 50 percent pull back and then move stops up as each level comes until i am stoppe out of my position or we get a massive blow off top that will confirm the end of trend which i will sell into. My favorite way to sell is as it is rallying big at what i believe is the top or the temp end of an upward move I like to sell portions slowly as its going up. A lot of times I learned if you wait to top the top hits and immediately within seconds the price drops 5 percent or something crazy especially in smaller alts you cant sell fast enough not to lose a good percentage of your profits. I've learned to sell as its going up sometimes its a little early but I do seem to get better percentages of the moves doing it this way.

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