Bitcoin Cash Consolidation

Here we go, another Bitcoin Cash consolidation! Here are the trend lines and waves I'm looking for.

Major classical fibo level sits at $1243.59 and the edge of that fibo level extends down to $878.51. I'm looking for a buy at the max consolidation level around $560.39. We could trade as low as $292.26 which is a key fibo extension.

Ladies and gentleman, this could could trade as high as $7,000 USD after consolidation (you heard it here first).

I'll update this thread with long and short ideas as we go. But for now, the overall picture is bearish.

評論:

Lots of questions about this idea...goood. I use a 1-2-3 strategy, which keeps me out of trouble. With this strategy I can choose either a "bottom buy" or a "breakout buy." If you've followed me, you'll see that with BCH I usually breakout buy because we've had trouble finding the bottom of the consolidation (see previous threads). SO I set pending orders and go from there. When I open a trade, I go all in ;)
Currently the chart looks like this:

Notice the red number counts. For me to open a long trade, I need to see the bottom of the descending channel, or a breach of that channel (we breached once before and I bought everything I could). To open a short trade you wanna be as close to the top descending channel line as possible. The characteristic behaviour of price action here is very volatile, unless the criteria I just noted about the strategy dont play out. I suspect, like previous BCH consolidations, it will muddy through the waters and not really go one way or the other. Since its in a descending channel, it will stagnate until it hits a strong fibo level to the downside. If we breach the bottom of the desending channel, I will buy and then sell before we get to a strong fibo resistance level (I'll wait for a rejection confirmations tho!).

評論:

My analysis also includes looking at the BCHBTC chart, here it is, notice its in a descending channel:

評論:

Nice rally, but i'm still bearish on BCH atm

評論:

評論:

We have now broken the uptrend line in the BTC chart.

評論:

I think it could retrace fully....

Broke the uptrend line in the USD chart.

評論:

I'm not saying it will retrace fully, but I do think its going lower