Hi Guys,
As requested by one of my close followers on Twitter, I have presented you my view on BCH.
It looks like BCH is about to form a Libra pattern. I know many of you have never heard of Libra pattern. Well, me neither. It only came across recently when I looked at tntsunrise's videos. In my opinion, it looks more like a GOAT lol.....
Anyway....looking at the BCH chart above, you can see BCH is still trending down along the downtrend line in white. Currently BCH is holding by the structure at the $1275 support as well as the daily 50EMA. IF it holds at this level and breaks out of the white downtrend line, BCH might follow the orange curve line. However, I think the more likely scenario is that the daily 50EMA (yellow) will not hold and keeps continuing the downtrend. Why do I think that? Because the daily 200EMA (orange) is a much stronger support, which is also at around the 0.786 fib retrace ($1032) between the all time low and all time high. Further, according to the libra pattern, $1032 - $1170 is the strong support. As a result, I think BCH should breakout of the white downtrend line once it hits the $1032-$1170 support.
If you would like to go long on BCH, the safest trade would be to wait for the breakout of the white downtrend line and retest the strucutre as support.
Taiwan Bear
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Please note this post is provided for informational purpose only. It is not a financial advice to buy/sell.
As requested by one of my close followers on Twitter, I have presented you my view on BCH.
It looks like BCH is about to form a Libra pattern. I know many of you have never heard of Libra pattern. Well, me neither. It only came across recently when I looked at tntsunrise's videos. In my opinion, it looks more like a GOAT lol.....
Anyway....looking at the BCH chart above, you can see BCH is still trending down along the downtrend line in white. Currently BCH is holding by the structure at the $1275 support as well as the daily 50EMA. IF it holds at this level and breaks out of the white downtrend line, BCH might follow the orange curve line. However, I think the more likely scenario is that the daily 50EMA (yellow) will not hold and keeps continuing the downtrend. Why do I think that? Because the daily 200EMA (orange) is a much stronger support, which is also at around the 0.786 fib retrace ($1032) between the all time low and all time high. Further, according to the libra pattern, $1032 - $1170 is the strong support. As a result, I think BCH should breakout of the white downtrend line once it hits the $1032-$1170 support.
If you would like to go long on BCH, the safest trade would be to wait for the breakout of the white downtrend line and retest the strucutre as support.
Taiwan Bear
******************************************************************************************
Please note this post is provided for informational purpose only. It is not a financial advice to buy/sell.
Comment:
BCH has not break out yet. BCH is now at a crucial support (bottom of uptrend channel & neckline).
Comment:
BCH has found strong support at the bottom of the uptrend channel.