BCHUSD Buy dips again but keep an eye on Bitcoin
This produced one of those perfect breaks today that all
traders love...the trigger was a break above the smaller
continuation pattern back down towards the lows at 1400 - the
minimum target was 240-258 points higher at 1620-1638. The
high of the day was 1638. How many managed that? Top
trader today if you did! So now, having just lost 10 points
going long at 1540 it looks time to try again here.
This movement sideways has shifted BCH from under the
bigger parallel that was halting advances last Thursday at the
same highs as today, creating a minor double top - at the
same time the pattern has shifted so that BCH is now tracking
a loosely defined pair of parallels with a good strong pin bar
violating the lower line and then a series of smaller pins
around 1479...but on upside it's testing resistance at 1517 up
to 1539...look to buy dips to 1482 and down to 1461 if
touched (put orders in, you never know (all stops must be
below 1455 for now). It should grind forward again, using the
lower parallel as supoport/buying opportunities towards
1618-1638 and then, after another pause, on to 1707 and
17766. This is good whilst within the parallels. Bad if and
when if loses the lower parallel. If at any point we see this
close out all longs and consider shorting on next pull back
towards the parallel from below, once lost - don't think so ,
but we need a plan B in case as Bitcoin is frisky and the fate
of BCH is pretty much dependent on BTC from here.
This produced one of those perfect breaks today that all
traders love...the trigger was a break above the smaller
continuation pattern back down towards the lows at 1400 - the
minimum target was 240-258 points higher at 1620-1638. The
high of the day was 1638. How many managed that? Top
trader today if you did! So now, having just lost 10 points
going long at 1540 it looks time to try again here.
This movement sideways has shifted BCH from under the
bigger parallel that was halting advances last Thursday at the
same highs as today, creating a minor double top - at the
same time the pattern has shifted so that BCH is now tracking
a loosely defined pair of parallels with a good strong pin bar
violating the lower line and then a series of smaller pins
around 1479...but on upside it's testing resistance at 1517 up
to 1539...look to buy dips to 1482 and down to 1461 if
touched (put orders in, you never know (all stops must be
below 1455 for now). It should grind forward again, using the
lower parallel as supoport/buying opportunities towards
1618-1638 and then, after another pause, on to 1707 and
17766. This is good whilst within the parallels. Bad if and
when if loses the lower parallel. If at any point we see this
close out all longs and consider shorting on next pull back
towards the parallel from below, once lost - don't think so ,
but we need a plan B in case as Bitcoin is frisky and the fate
of BCH is pretty much dependent on BTC from here.