dreamsound

Bitcoin Cash - Next Trade

Long
BITFINEX:BCHUSD   None
Here's my next trade for BCH / Bitcoin cash. The reason I like this asset is that is very symmetrical the way it plays out with Fibonacci retracement as well as Elliot Waves. It follows patterns well which makes it easier to predict. I'm dollar cost averaging down to 870 area, with a tight stop loss. If it crashes below, I'm ok with taking a high probability chance and then try again at lower levels.
Comment: PLAYED OUT WITH 100%
Comment: Sorry, got too excited, but it played out with 100% certainty! Most of my buys where done at the absolute bottom right below 870 with a tight stop loss. I'm taking some very small profit at this level and will buy again if Bitcoin retest 8150 with a tight stop loss at 7190. Otherwise, just patiently waiting if Bitcoin hits over 7600 I'm buying on strength.

Remember this market is ruled by fear, people will fomo and defend these levels now. However, if it goes below a certain level of 7190 people will panic sell. Watch these two levels carefully. We may be in neutral zone for a bit.
Comment: *** I meant buying again if bitcoin retest 7250, with tight stop loss at 7190. Or buying if bitcoin hits over 7600. I've raised all my stop losses scattered at the 7190 zone at this point. This is from Bitcoin perspective to all my coins. I'm also in Cardano (ADA) which was hit hard and thus more possibility of gains.
Comment: Congrats on anyone who took this or a similar trade. Everything worked out perfect. And we still have room to go. This analysis provided 1240 range as the target but I am considering 1295. At which point Bitcoin should be in the range of 8000. Watch my next idea as to how I will play this symmetric triangle for the next few weeks.
Trade closed: target reached

Comments

Went from 870 to 1000 in a few hours. You will have a chance to get in, wait patiently for the first pull back. I doubt we will go over 7600-7700. I know its hard to see coins going up and not be in a trade. Target #1 of $1090, pull back and then target #2 @ 1250. When we pull back there's also a high chance for further continuation going down so this is where those stop losses are going to be golden.
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