Technical: I see many reasons to take on this trade. My personal bias for the market is bearish but at the moment everything is point at further upside.
Caution: This is not the time to short BCHUSD. The hourly RSI might put in a bearish divergence but it will very unreliable against FOMO. The sane thing to do is to wait for retracement.
Godspeed
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I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
- Elliott Wave Analysis:
Since a few days we have been in a corrective triangle pattern which occurs mostly in Wave B or Wave 4. We can confidently count the first wave of the triangle as a Wave A. The final corrective drop as a B and now we seem to be working on the C. The ranges of 515-520 show confluence zones so thats my target for the next wave.
ABCDE triangle patterns and descending triangle chart patterns have an entry requirement which was met at 463.4.
- Oscillators: Daily RSI has been bullish for the past week. This reinforces my bullish view at least for the next week.
Caution: This is not the time to short BCHUSD. The hourly RSI might put in a bearish divergence but it will very unreliable against FOMO. The sane thing to do is to wait for retracement.
Godspeed
_________________________________________________________________________________________________________________________
I'm not your Financial Advisor and this is not to be construed as Financial Advice but I can be your Legal Advisor if you can afford me.
