Here is a close up of 2017, notice those long wicks below support.
Expect the same in volatile trading, those weak handed bulls who positioned themselves a few weeks back that are gloating now, they are going to PANIC!
Be quick and pick those wicks for a long position as this is going to be your last opportunity before MOON.
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A closer look inside the 'BERMUDA TRIANGLE'
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This wave 5 coincides with the wave 5 of the bearish wedge in BTC.
I've been on the fence waiting to see if it would be a bull flag or bear wedge.
Looks like we printed a wedge.... down from $9200
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OBSERVATION: Look at the Fib levels on this move up.. will this last one hold for that final wave 5 up?
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I'm still open to the idea that we make a cup & handle and the triangle idea gets blown away. RSI can go to 40 then turn up sharply.
The market is going to get so big this year, just because there was a triangle reversal in 2017, doesn't mean it will repeat.
Keep a close watch.
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I get the feeling this red triangle is going to get blown out the water.
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I'll post a new chart soon.. There will be a retrace, but not a complete reversal to the trend line.
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This scenario is still a possibility.
In fact, this would be better to have a complete FOMO take down from 1300ish and re-test that bottom trend line sooner rather than later.
You generally shouldn't use Fibonacci retracement on a log scale...
UnknownUnicorn1320329
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@Solofish42, Nvm, just found out Tradingview scales fibonnaci with chart type :/
MazenAlalwi
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thank u so much for your analysis , is this a good time to buy bch??
Hubris
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@MazenAlalwi, THIS IS A SHORT NOT A LONG TRADE. Which is why I labeled it WARNING WARNING!
The majority of this impulse move has already happened IMHO and I expect a reversal in a day or two. It is too risky just to catch this final wave, wait for a better entry.
When you feel you may have missed out of a big move it's called (Fear of missing out), don't give in to that emotion, condition yourself to recognise these states and wait it out. There will always be a reversal for a better entry.
I am not a professional trader and this is not financial advice at all. Whatever you do, be patient,.... Good luck.
MazenAlalwi
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@Hubris, thank u for your advice i will go with it ;) , i will turn off that emotions right now :)
Hubris
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@MazenAlalwi, There will be plenty of opportunities along the way. It's about risk management, weigh up the risks of each trade, have objectives and levels in mind prior to the trade. Don't hesitate to sell those rallies, when you feel greedy. Sell.
Doc-al-Citadel
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u styling it mate
Hubris
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@qdoc, Thanks, lets wait and see, looks like an interesting week ahead.
And this is how I see it - as a non-trader but clairvoyant person ;-)
yours.org/content/bitcoin--btc--vs-bitcoin-cash--bch----why-the-traders--and-everyone-e-1079d2553f4a