Spidey
Long

BCC and the composite man

BITFINEX:BCHUSD   Bitcoin Cash / U.S. Dollar
By bringing the price down, the composite man sells and re buys his positions in the range of USD 719- 392, after shaking out weak hands below trading range USD 283 driving prices down and activating sell stops. The composite man has now absorbed most of the floating supply of BCH and is ready to leave shake-out area where most people sold in panic, following by a spike out of the shake-out zone at a price of USD 522.95. Soon when the composite man is finished with accumulation we will break above primary growth trend and probably leave trading range area at USD 700 to a max top of USD 1200
Trade active: Seems to be topped here above the primary growth trend, will wait at these levels to add some more if it holds.

Comment: 0.382 was reached, bounced a bit but still looks like a bearish pennant for me.
I will be waiting at USD 550-531 for a next entry, STOP at 634 if it breaks up.

Comment: Broke up, so I will be adding a bit more here and see where it goes, might retest the growth line

Trade closed: target reached
incredible. lets see if we drop now
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Well done spidey!
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Love the analysis
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Please use the ticker BCH or the word BitcoinCash lots of ppl buying Bitconnect lol
+3 Reply
Spidey SheriU
@SheriU, I got a bit confused myself, my excuses for that.
+1 Reply
SheriU Spidey
@Spidey, yes Bitconnect has done well out of the confusion ;)
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