Is this a falling wedge reversal we see? Then we need a game plan!
The max consolidation level stopped the drop and we’ve seen a nice bounce. From here, we may see a breach of the falling wedge, a fibo extension target at $454, the pennant target at $466, and possibly even a daily target at $612. I can also see the rally kissing the major fibo resistance at $707.
Alternatively, we may resume the downtrend by breaking through the key fibo level at $359, the sub-key fibo at $341, and finally with bearish confirmation at $307. A fibo extension gives us a target on the hourly at $250 and a daily at $154 if we break the all-time low (I think this is unlikely at this time).
My method also includes analyzing the $BCHBTC pair. Here is the plan of action in that chart:
PLEASE NOTE: the long idea here is counter-cyclical until a breach of the bullish confirmation at $484.
As always, I will be updating this daily.
Cheers and GLWT!
Erik.
*If you like my ideas, please upvote :)
The max consolidation level stopped the drop and we’ve seen a nice bounce. From here, we may see a breach of the falling wedge, a fibo extension target at $454, the pennant target at $466, and possibly even a daily target at $612. I can also see the rally kissing the major fibo resistance at $707.
Alternatively, we may resume the downtrend by breaking through the key fibo level at $359, the sub-key fibo at $341, and finally with bearish confirmation at $307. A fibo extension gives us a target on the hourly at $250 and a daily at $154 if we break the all-time low (I think this is unlikely at this time).
My method also includes analyzing the $BCHBTC pair. Here is the plan of action in that chart:
PLEASE NOTE: the long idea here is counter-cyclical until a breach of the bullish confirmation at $484.
As always, I will be updating this daily.
Cheers and GLWT!
Erik.
*If you like my ideas, please upvote :)
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Trend resumption! Very clean breakdown to the pennant fibo extension
Still above the key-fibo level here.... hmmmmm
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Resting on the key-fibo support zone.
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Bearish confirmation!
Stable in other chart, for now.
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BCH is telling us the entire altcoin jump is a bit of a dead cat bounce...
We did breach the line here...but we need a close!
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A decision has to be made!
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MAN this is one confused instrument...it has no idea where it wants to go.
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Bullish confirmation is not until a close above $397. Below that, still very bearish.
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Almost there!
BUT! RSI is getting very tired in this other chart, and I don't think it will hit the bullish confirmation.
Overall, with BTC also getting tired, and crypto market cap stagnating...I'd rather go short soon! :)
Trade active:
Forgot!
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Super fantastic! I had to cover the short and go long.
Don't forget this chart: If we get weakness in BTC this may offset loss. But if there are loss in both charts then BCHUSD will suffer mega.
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FYI: a break below $455 may unleash a dynamic sell wave. This is a bit of a crazy market.
Trade closed: target reached
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RSI might be telling us that we'll see another breakout...
Keep in mind we hit all the targets in this chart...but a breakout out here would make this a monster trade!
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Shorting time?
I've noticed the volume signatures are really wonky in this instrument...so i'm cautious.
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This will look very bearish once BTCUSD turns bearish...
4HR views:
4HR views:
Trade closed: target reached:
Absolutely silly. But we made some money :) Blew past the fibo extensions like they were not even there. Might still kiss the major fibo in the USD chart imo.
Kissed the fibo resistance here a few times.
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MAX TP HIT cheers! Thread closed.
