Is this a falling wedge reversal we see? Then we need a game plan!
The max consolidation level stopped the drop and we’ve seen a nice bounce. From here, we may see a breach of the falling wedge, a fibo extension target at $454, the pennant target at $466, and possibly even a daily target at $612. I can also see the rally kissing the major fibo resistance at $707.
Alternatively, we may resume the downtrend by breaking through the key fibo level at $359, the sub-key fibo at $341, and finally with bearish confirmation at $307. A fibo extension gives us a target on the hourly at $250 and a daily at $154 if we break the all-time low (I think this is unlikely at this time).
My method also includes analyzing the BCHBTC pair. Here is the plan of action in that chart:
PLEASE NOTE: the long idea here is counter-cyclical until a breach of the bullish confirmation at $484.
As always, I will be updating this daily.
Cheers and GLWT! Erik.
*If you like my ideas, please upvote :)
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Trend resumption! Very clean breakdown to the pennant fibo extension Still above the key-fibo level here.... hmmmmm
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Resting on the key-fibo support zone.
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Bearish confirmation! Stable in other chart, for now.
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BCH is telling us the entire altcoin jump is a bit of a dead cat bounce... We did breach the line here...but we need a close!
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A decision has to be made!
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MAN this is one confused instrument...it has no idea where it wants to go.
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Bullish confirmation is not until a close above $397. Below that, still very bearish.
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Almost there! BUT! RSI is getting very tired in this other chart, and I don't think it will hit the bullish confirmation. Overall, with BTC also getting tired, and crypto market cap stagnating...I'd rather go short soon! :)
交易進行
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Forgot!
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Super fantastic! I had to cover the short and go long. Don't forget this chart: If we get weakness in BTC this may offset loss. But if there are loss in both charts then BCHUSD will suffer mega.
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FYI: a break below $455 may unleash a dynamic sell wave. This is a bit of a crazy market.
交易結束：目標達成
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RSI might be telling us that we'll see another breakout... Keep in mind we hit all the targets in this chart...but a breakout out here would make this a monster trade!
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Shorting time? I've noticed the volume signatures are really wonky in this instrument...so i'm cautious.
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This will look very bearish once BTCUSD turns bearish...
4HR views:
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Absolutely silly. But we made some money :) Blew past the fibo extensions like they were not even there. Might still kiss the major fibo in the USD chart imo. Kissed the fibo resistance here a few times.
@agency, BCH should not be going up with BTCUSD, I see it as an anomaly, it should be like the other ALTS.
However, it is rising together. the higher the ALTS king, BITCOIN, the higher will be the BCHUSD.
But when it falls, it will fall together.
Trader6127
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@mozartc, seeing how Bitcoin Cash is "bitcoin," its doing well. Bitcoin Gold is doing ok, too.
mozartc
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@agency, True, the rule will be valid for everyone.
astrologychick
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@mozartc, It has gone up more than BTC, but not sure it will crash with BTC until after the fork because BCH is safe in this fork while both SegWit coins are in danger of dying. BCH cannot die. Plus it is my educated opinion that BCH is the real Bitcoin. Insiders know all of this. Time will tell.
mozartc
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@astrologychick, I agree with you. When I say that the same thing will happen, I am referring to correction. when BITCOIN begins to correct the BCH will also correct.
astrologychick
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@mozartc, Well, I am not so sure about that. We may be knee deep into the flippening. It's all about the fork for the next 2 weeks, and only insiders know how that will play out. Hopefully we will have some major corrections so that I can buy more BCH, lol.