We have an interesting situation developing in the BCHUSD chart :) I will be updating this thread as we go, but for now, please have a look at the data. Which way do you think it will go (please include WHY)?
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We are below all the key fibo levels bar one formed by the rally from $300. I can envision a breakout to the downside around $396 if you want to short with momentum.
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We are at the $396 that i've been talking about. We should see a nice selloff if we breach this area.
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Sub-key fibo level is broken!
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Uptrend line ahead along with the end of the potential long box at $358. After that I would watch $327, $300, and $277. Look for strong bullish divergence on the 1HR.
Trade closed: target reached
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Hit trailing stop at $359 this morning :)
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In the future:
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Keeps retesting long box support/resistance at $359
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Keep in mind we are at the wave 1 support level:
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Oh and doesn't this pattern look familiar?
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Trading below a structural wave 1 support is very bearish. This likely means there will not be a structural wave 5. Are we in a decline?
Yeah, so fibo support evaporated and so, too, did the price...these kind of wicks can indicate that price wants to go in that direction. The 0.11 fibo turned into resistance so...
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Trading range at $301 beached! Wahooooooo. Min TP ahead.
Trade closed: target reached
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Almost reached MIn TP yesterday, trailing stop triggered at $301 tho. Next potential trade:
Notice bullish RSI herel:
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A potential long trade... lots of resistance tho!
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We fell out of the long box, so I'm thinking short again.
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What a tight range we have here, eh? I'm watching this very carefully for an upward break. Don't rush if it snaps one way or the other as you will have opportunities to get on board.
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MAN still stuck here...Too much long box resistance and trading range support. Eventually one side will get exhausted... Also, see that wick dip? That's why you don't want to jump the gun here.
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We are at the downtrend line, a decision has to be made?
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Hmmmm... A long is still countercyclical here (I've added another downtrend line). This could simply be a rally to the fibo resistance. I am not convinced this is structural change yet... Here's the game plan.
@kingmong, can you give us a technical or fundamental reason? :)
BuiSinam
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@agency, may be he is in secret pump coin group :v, but i buy bch at 394$ level, so now keep or sell?
Trader6127
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@BuiSinam, maybe! You'll want to sell if we break $307, but that's a pretty big loss. Should have sold with the break of the flag pattern :(
BuiSinam
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@agency, I don't know why too much people sell BCH at the cheap price, it's lower start price at 315$ level
Trader6127
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@BuiSinam, technically the price action we see today makes sense. I think it was overvalued at the beginning of its price history. Mainly because the exchanges were experiencing a short squeeze (limited supply) when trading began; most people couldn;t get their coins on the exchange.