I am not a professional trader by any means. I am a complete novice and learning TA on my own.
The being said, I am not a financial advisor nor is this advice in any way, shape or form.
So, heres the chart I did when I was looking at BCH approx 9-10 hours ago.
Initially, my support trend line was two bars to the left (where the doji is) but then it broke and I re adjusted before the 1st green candle.
Nothing fancy. Formed a bullish flag. kept bouncing off the trend lines and 0.236 fib line. As BTC was dropping, BCH volume was increasing. This particular chart I did not trade on as I wasn't confident in what I was doing. This is the first time I use a flag of some sort but I had seen it many times by other traders. So instead, I traded in my mind and worked out fine.
1. bounced off resistance trend line
2. bounced off support trend line with buyers winning at the end of the hour candle.
3. solid, larger green candle
4. away we go!
Ill be waiting for a retracement to enter however, don't think that will happen soon... most likely when I fall asleep.
I dont have a strategy. I feel a long position may be worth it but not until some people take profit and the RSI lowers. Then again, we could see what we saw in BTC and it continues to shoot. Uncharted territory for me, so for now I am in fiat and shorting BTC.
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