Bitcoin CASH broke the uptrend line and had been making lows ever since. 0.5 fib is now the resistance line that it needs to surpass to get back in action.
The red line is a support that I am looking at currently. With current market situation, it looks like it will reach it.
BCH has shown some signs of strength, $270 has acted as strong support over the past three trading days despite the increasing Bearish indicators and sell side volume.
For a recovery to happen, unfortunately BTC most likely needs to lead the way, but with such poor sentiment, there may be a few more days of pain ahead.
Since the last Report, that was published before the Libra announcement, things changed, and market pushed higher.
However, we still hitting a major price juncture, and a $2.5k price dump in BTC has shown that. However, alts held reasonably well, so what happens next?
I am not sure who is buying at these levels now, but those people must have deep pockets....
Reasons for open position:
- Price move in downward channel
- Sell zone
- Find setup which you trade and you can open sell from zone
- We can open position from sell zone with the target, lower part of downward channel
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And if you have your own...
Hello traders investors and community, today i want to share with you an example on how to analyze with the wyckoff market theory.
There is an interesting example of an wyckoff distribution which i detected in BCHUSD, formed the...
Its good idea not to make new trade because BCH is in the fighting zone of bear and bull (280-265) whoever wins will take direction from here. Bears are active chances of dragging down to next level is high but not guaranteed keep close eye at break out in either direction and surf along that direction.
When Wave 3 is less than 1.62, the 5th Wave overextends itself.
From research, the ratio of Wave 5 will be based on the entire length from the beginning of Wave 1 to the top of Wave 3.
Extended Wave 5 = either 0.62 x length
(beginning of Wave 1 to top of Wave 3) or = length of
(beginning of Wave 1 to top of Wave 3) or = 1.62 x length of
Look for a breakout above the .786 fib and either sell whenever we reach the POC or wait and and see what happens with price! Set your S/L a point or two below 310 and your G2G... When I look at the higher time frames $BCH looks very oversold, as has most of the market, and we see lots of assets on critical supports so be on the lookout...
In trading, the boss is volatility. Plain and simple. Swing high, swing low, just keep swinging. If you compare Bitcoin (which most of my analysis as a trader covers) to BCH, with my definition in mind, who is the boss? Clearly BCH. Let me explain.
If we compare the lows of the run to the completed run up (December 18' through July 19', roughly), which big cap...