RiversAndMountains

Bitcoin Cash - Daybreak

Long
BITFINEX:BCHUSD   None
(Trade thread on Yours. org (check my signature) will be posted in a while)


It's been a while since there's been an opportunity for a long trade on Bitcoin Cash , in terms of what's safe and responsible to call at least.

Looks like we've found that situation.

BCH has diverged from BTC primarily because the BCHBTC pair has finally broken out above 0.18, MMs have absorbed the dumps, and have continued to push price up.

BCHUSD price has followed in kind.

This trade is best traded on a 6H candle closing above the wedge line at $2,550

That being said, it may move too fast for that, so I recommend taking a 50% sizing of your normal trading position now and filling the rest on a minimum of a 1H close over $2,600.

Target will be the 0.236 Fib at $3,500 and the prior high at $4,000.

However, if price action reaches these goals we will have to reconsider at the time.

STOP should be strictly adhered to at $2,300 to account for pullback.

==
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Comment: Yours.org trade thread now live (In my signature)
Comment: First update to trade thread on Yours.org after early pullback.
Comment: Yours.org update actually live. Sorry! I had the window open but forgot to push save

:(
Comment: New update to Yours.org trade thread.


Pullback was in the area we anticipated. BCHUSD looks very strong in a market that is somewhat chaotic with the accompanying BTC pump.

I discuss that in the new update as well.

This is a more difficult spot to trade, in general. There is lots of risk of bear trap, bull trap, and fakeouts. We use patience and controlled risk to navigate better spots and hope our stops hold up.
Comment: New update to Yours.org trade thread. We're trading pretty sideways at the moment and it's hard to judge what the market makers are up to. As it stands now, there's no reason to deviate from the original strategy.

Patience is key.
Comment: New update to Yours.org trading thread.


There is now greater risk of a pullback, in my opinion, and so stops should be adjusted accordingly.

Price now dips beneath the meanline from $300. We'll see how the situation develops over the next 12-24 hours.
Comment: In the trade thread I adjusted the stop from 2,300 to 2,400 and it looks like it was for exactly the reason of the action over the last 8 hours or so.


On the 15m candles it's an ugly giant Head and Shoulders formation.

If price action can regain $2,450 with momentum we should have confirmation of another run.

Long trades should not be entered until this is achieved, however.
Comment: New update to trade thread as well with more indepth analysis.
Comment: Sorry for late update. New update to trade thread on Yours.org


I feel this is a difficult spot to day trade, but in terms of trading on longer time frames you're actually amidst an opportunity to accumulate.

Comments

Hello, what do you mean? Up or down?
+2 Reply
xenn666xl Arina66
@Arina66, Maybe Up, yet still suspicious with the whale fake pump, so still spares some ammunition from the lower to free the high
+1 Reply
@Arina66, Hi there. Up is my call towards $3,500
+1 Reply
@RiversAndMountains not seeing the update #1 to the yours feed FYI?
+1 Reply
KingMR KingMR
@RiversAndMountains I don't mind being your QC bro! I got your back. LOL
+1 Reply
@KingMR, Lol thanks a lot man. So many tabs and so many things going on!
Reply
Hello Sir ... I agree and here are my 2 cents
+1 Reply
ohhh no,... went down completly
Reply
Lmaoooooo get rekt to all those people hating on me when I told you this isn't going to take over Bitcoin anytime. Bummer guys, maybe next time. :)
Reply
@Shockinalive, BCHBTC ratio is nearly double the last time I saw you.

Curious, isn't it?
Reply