Sometimes with the pace cryptos move we jump the gun without looking at the daily (yes my trade is at $1685 for the record). Even I succumb to this every once in a while, so when BCH' (BCC') decided to retrace last night I quickly brought up my chart and looked to see if I may have missed something. The 30 minute 1 hour chart looked like I needed to get out of my trade, but before I did and posted trade closed for a LOSS! (crap don't want to do that), I took a look at the daily chart. OK I can settle down now. The count was much more clear and the pullback looked much more typical then on the 30 or 1 hour chart. We pulled back, almost point on, to the 0.618 retracement and while this is normal for most equities in a 4th wave move prior to a 5th wave up, it's not normal for cryptos. Normally it's 0.382 or 0.5. But this is why we do not panic. It perfectly touched the 0.618 and rebounded with strength just like we want to see.
Now I do not look for a WXY correction on the daily as we have already retraced very close to the top of wave 1 or start of wave 2. This is a no no in elliott wave but cryptos often come close or actually thinly dip into wave 2 before going higher. We saw this with bitcoin! So i believe we have fully corrected and go higher from here. Target level is 2400ish and unless we break the $1400 I will not exit. Now some will say wow goldbug normally you would have been long gone by now. Yes NORMALLY! But keep in mind every trade is different and every situation is different.
Remember we entered at $310 area and then at $465 so we are "gambling" with house money! This is a huge difference then someone that has come in at a higher level. So keep in mind when I'm posting my trades that my situation may be different then yours. This is why YOU must do your own research and take your specific situation into account before trading. In addition I am also holding most of this for the long term so the intent of this trade is to add the profits to my core position. Totally different then if your swing or day trading.
If you go back to my early posts I mentioned over and over IF you do not have a plan and a strategy to trade a specific equity then your straight out gambling. The first thing you should consider when making a trade is how much can I afford to lose and where is my stop loss. If you enter a trade blindly with only a target price your gambling not trading, you will be caught like a deer in the headlights when a trade doesn't go the way you think and then panic normally getting out at the wrong time, or holding to long hoping it comes back. Now this does not mean we don't adjust as the market moves, but we must keep to our strategy and only adjust when the charts are telling us we are still on track as what happened last night. Believe me I hate getting the alert that a trade has gone sour, but once I looked at the big picture I realized I probably entered to early and this is not the time to exit!
Anyways I'm still bullish on this coin and feel that money will start finding it's way from bitcoin' into bitcoin' cash!
Good luck and God bless!
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Keep in mind a couple things: 1) Bitcoin and the whole market corrected so BCH is following the market 2) Bitcoin cash will be available on coinbase in January this will make it more accessible to the avg investor that wants security 3) There are a limited number of coins with both Bitcoin Bitcoin Cash and DASH as well as XMR and ZEC. So in the long run as long as the market continues higher they will too. 4) Markets correct and you do NOT panic! Long term buy and holds out perform in the long run. Remember when BCH corrected from $900 to $300. 5) Patience Patience Patience (if your long term)
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Keep in mind we are in much much lower so every situation is different, if your trading anything and you do not have a exit strategy (which should be known BEFORE YOU TRADE) your not trading your gambling!
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I will be looking to see if we get a broader WXY correction on the daily back to $800 so I may shave off some if we break the $1100 level, and look to buy back at $800. Just for full disclosure!
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Very nice bullish move this morning but we are in the middle of "No-Man's" land in my opinion. We have not had a breakout that would have me think "ok this is the time to add a trade". But the chart has some critical support and resistance levels that are clear, so I am looking for validation one way or the other for trading purposes as I am fully vested at this point. We had a nice 5 wave fractal move up to this level but this could be part of a broader correction as we saw prior or the start of the next wave up. As the market sentiment seems to be picking up steam I feel likely we move higher from here but we must keep in mind we have not had a validation of this move.
This whole thing is incomprehensible.... During the last days, while BTC was in that run, most of the altcoins where taking advantage of the enthusiasm of the market, while BCH was just Lingering.... Now that BTC (and thus the altcoins) enter in an overdue correction, BCH decides that... It's algo time to fall apart... Awesome...I'm trying to find a rationale for this
Konran_Taisa
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@sezcurra, Believe me Don't try to understand, observe :-) There's a lot of scenarios but you already know it - all cryptos act the same. Some have stronger correlation with BTC orher weaker, despite of this, this correlation changes dynamically within time. Some news, events may cause something to fall (example - LISK) or skyrocket despite overall situation on the market (good example: info about listing Neo at some exchanges)
As you saw BCH was moving on a) in opposite direction to BTC movement, b) its own purely based on TA (fuck you BTC, and other alts - I have my own plans) c) along with BTC and all alts (as today :-)) So don't assume anything. Observe the movement in given period to get a clue from which direction the wind blows. It really helps but of course you'll never know when the wind will change....
Hey @goldbug1, love your analysis and I like BCH as long term play. Coinbase currently only plan to allow withdrawals of BCH in January, not the trading of it. So you should probably update your 'things to keep in mind' point (2):
"2) Bitcoin cash will be available on coinbase in January this will make it more accessible to the avg investor that wants security "
"We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time. Once supported, customers will be able to withdraw bitcoin cash. We’ll make a determination at a later date about adding trading support. In the meantime, customer bitcoin cash will remain safely stored on Coinbase."