sumastardon

BCHUSD Back to bottom of structure...

BITFINEX:BCHUSD   None
BCHUSD Update Neutral/near term bullish with Caveats
When you see a failure like this you have a good idea of where
it should come back to...the beginning of the structure to its
left, right? BCH certainly took its time but has eventually
succumbed. As with BTG most stale bulls have been rinsed out
in the wash, us too, thankfully. BTChas come back to the
beginning now and is trying to go again...would really like to
see a double bottom form at 1385 to feel good about a long
but we may not get it. Look to buy on dips with stop below
1380 for now. Don't push upside too far though, this pattern
downwards has not fully completed yet. Expect one more
downwave which must then hold at 1385 for this to really
turn positive again from here.
Comment: Well we got a nice rally right up to next blue line of resistance and jusst hope you were sensible and closed out there as cautioned above...we shoulda woulda coulda shorted this right there...doh...anyway it's come back to the next support - so far lines of support and resistance are working quite well here..
.
Comment: BCH More...so this is still in a bad way technically as is plain to see. Still vulnerable whilst trapped below 1367 old support/new near term resistance. Was excellent to close shorts there but not to reverse, though if you did that was slick. Close it now though unless it can push above 1367 quickly... be ready to short this one last time if 1349 gives way by more than 3 points, looking for a wipe out to 1286 and then, after a quick bounce to 1245-1228 range where we look to reverse and get long again with stops under 1225, if we see it. Be prepared...this could happen quite soon. If you don't want to short then look to place orders in market at 1245 down to 1228 with stops below 1225.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.