BCH/USD Main trend. Breakdown of the channel. The important zone
Main Trend. Always, than to trade locally on the working timeframe 1h-1d always need to understand where the price is in the main trend and what to expect in the near future with the price with a high degree of probability.
Coinmarket Coin: Bitcoin Cash
The previous upward channel (uptrend) was broken by the price. At the moment, the price is near an important support zone (highlighted in gray). In this zone after the 2018 reset, the entire 2019-2020 year has been gaining major positions, this zone and served as a launching pad for pumping 2021 by more than +600% (+666%).
I used a marker on the chart to show options for the logical start of the price movement (direction).
Positive.
If the secondary trend breaks through (red line) and the price fixes above the 218-300 zone—the trend reverses and the price goes up (at least, the decline stops and turns into a sideways trend). Bitcoin goes up.
Negative.
A breakout of this zone is unfortunate. Reality of the descending flag (or part of its targets).
Semblance of a repeat of the 2018 fractal structure (see main trend idea for understanding). Let's hope it doesn't come to that... As it will mean that the similar will be not only on BCH, but also on the whole market, i.e., double top working out on bitcoin, if you don't understand what I mean.
The secondary trend of this cryptocurrency.
BCH/USD Secondary trend. The important zone. Simple rules for work.
The price rises for a long time, but vertically falls quickly. Always protect your profits and don't wait for super targets, work in the trend. Difficult %. Have restraint, curb your greed and the rush of “no time”. If you're not sure - watch from the sidelines until there is confidence in a more likely price movement from which you can benefit.
Coinmarket Coin: Bitcoin Cash
The previous upward channel (uptrend) was broken by the price. At the moment, the price is near an important support zone (highlighted in gray). In this zone after the 2018 reset, the entire 2019-2020 year has been gaining major positions, this zone and served as a launching pad for pumping 2021 by more than +600% (+666%).
I used a marker on the chart to show options for the logical start of the price movement (direction).
Positive.
If the secondary trend breaks through (red line) and the price fixes above the 218-300 zone—the trend reverses and the price goes up (at least, the decline stops and turns into a sideways trend). Bitcoin goes up.
Negative.
A breakout of this zone is unfortunate. Reality of the descending flag (or part of its targets).
Semblance of a repeat of the 2018 fractal structure (see main trend idea for understanding). Let's hope it doesn't come to that... As it will mean that the similar will be not only on BCH, but also on the whole market, i.e., double top working out on bitcoin, if you don't understand what I mean.
The secondary trend of this cryptocurrency.
BCH/USD Secondary trend. The important zone. Simple rules for work.
The price rises for a long time, but vertically falls quickly. Always protect your profits and don't wait for super targets, work in the trend. Difficult %. Have restraint, curb your greed and the rush of “no time”. If you're not sure - watch from the sidelines until there is confidence in a more likely price movement from which you can benefit.
Comment:
Let's follow the red scenario indicated by the marker earlier exactly to the values. Not breaking through the resistance of the downtrend, the price descending to the support of the local channel (holding for 6 days by the general date of the market dump) and on the market sinking the squeeze to the level 148 zone (-50%). Squeeze to 149.76, that is, 113.13, the first value is important. Pay attention to the embossed volume on this squeeze.
Comment:
Comment:
The entire secondary downtrend. Falling 440 days from $1,600 to $96 (-93%). Some see this as fear and frustration, while others see fantastic opportunities.
A breakout of the local downtrend (purple) after the realization of the downside flag targets. Potential for resistance to the big wedge (red).
Then with a high probability of a pullback to the support zone (lows)—formation of a sideways (horizontal channel set with the same % step) or even lower—residual formation of the wedge (sadness in the market).
A breakout of the local downtrend (purple) after the realization of the downside flag targets. Potential for resistance to the big wedge (red).
Then with a high probability of a pullback to the support zone (lows)—formation of a sideways (horizontal channel set with the same % step) or even lower—residual formation of the wedge (sadness in the market).
Comment:
+72% from level 96 to level 172 zone. Rollback in the zone of the wedge canvas.
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