The market has a setup for a counter trend long trade. The market setup an ABCD pattern and is now ready for a pullback after a strong bearish move. The overall trend is hard to determine right now but this is an easy 40 pips.
Over the past week, BCH has seen numerous large volume spikes one of which resulted in an All Time-High volume on Coinbase.
These large volume spikes were no doubt fuelled by uncertainty and volatility presented across the market by the most recent Bitcoin and Ethereum drop and could very well present an opportunity for short to medium term profit.
As you can...
Why we are no longer shorting this market
Weekly has false breaks
Daily has corrective cycle
Bulls are at play here, (Short or long term not sure)
We are waiting for a deeper corrective cycle or a range (Short term we are looking for buys, Even if we are going to clear extreme lows)
iN my Non-Professional Opinion $644x is a reasonable entry point for a quick short on the bitcoin...??
Gud Luck & A wiseman once said "to always keep tight SL when/IF shortin' BTC...."
IDK,, MayB, round $65xx-ish.
ought 2B gudd... MayB
Well, im pretty sure we are in a large resdistrubution mode. Bears want blood for aprils jump but bulls will not let go down to that levels again. EMA3 is bouncing on EMA50 on weekly currently, hence the resistance at 7k. Perhaps there will be a river formed and tested. But I think we are heading up.
Never make decisions based on others TA....
One thing that I have noticed with this pair is that it moves erratically. Price only respects EMA on smaller time frames- 4H or <. As I am writing this price is breaking below another one of my support levels. If I could get a retest of the the 4H I will consider taking a short position since there should be positive U.S. data released on Wednesday.
First of all, price almost hit the 61,8% fib retracement. Then broke the upwards trendline. After that it came back to re-test it and created a double top. My take profits is 1.66313, and i will cut the lose if it close above 1.71019. Let me know what you think about this!
This analyse used Fibonacci and my indicator call "Min_equity_Thesis_indicator" in Public library of Trading View.
I estimated the way of the Atari over the next day. In fact Atari with its new crypto strategy will go up in long term.
But in Short term my signal is short with a target price of 0.60.
If you have any comment, let me know.