After breaking the SL, I waited for a new short spot to be designated. The market in the higher interval is up, now we have a correction of this move. I have designated the place, I am waiting for the price to return to the short zone and for a signal from the market to open a position.
breakout at: 598.00
TP: 928.34 , (53.87%)
wait for the retest, possible entries:
2) 497.71 - major position size
TP: 4094.46 , (719.21%)
I'm open to any suggestions and questions related to this analysis
Is it going to be a dead cat bounce or vertical bull run to ATH? Hopefully the latter - looking at strong trendline support and a triangle BCH needs to breakout or break down. Judging by general market sentiment and quite long accumulation phase where BCH visited 0.764 and 0.618 fib retracement levels after August bull run...
I expect a downward correction. The higher direction is up. Trading in correction is more risky. I have designated a short zone, price and TP, and a reasonable SL. I am waiting for a signal from the graph
As you can see, the fork indicating last 1 move is broken and the current valid one is a schiff fork which is used to estimate possible S/R levels on the corrective move, the move seems to have extended so as i could say we need a complete ABC before a new bearsh move could go, i might be wrong and the price follows the long term previous trend-line that is drawn...
Whenever you see this consolidation below the 0.25 it's time to get ready. This has found support on that $600 area which is a great SL placement.
BCH has already tried to break through this 0.25 resistance 2 or 3 times (where arrows are), and the volume coming in, combined with current bullish market setniment on all shitcoins suggests that it's going to push...
Taking a chance here with the fake Bitcoin. 4H range lows were previously swept. Unswept highs above. Ultimate target is $711 but I think the current target is a fair area to take profits. Below the lows of $621 I think we go lower to the high 500's. Hopefully we don't wick the SL.
Top down analysis from Monthly , weekly , daily and intraday timeframes.
Angles of Analysis:
1: Technical ( No news)
2: Price action( Behaviour around high time frame candle closes, and wickes on 1hr and lower time frames)
3: Indicators(EMA trendlines, volume, Momentum Oscillator, Money Flow Index )