BCHUSD Bitcoin Cash Decision Time

已更新

BCH looks like its ready to make an important decision. Do I move up, or do I move down? Personally I'm bullish on BCHUSD but am cautious this may retrace further. I'm setting a buy trigger at 1640 with stop loss at 1500. If buy doesn't trigger, no harm done :)

註釋

Bitcoin cash just jumped back into the upper channel. If bitcoin continues downwards, BCHUSD up trend could continue. Perfect timing - a little too perfect...

註釋

I bought at 1570 as it's forming a flag signaling further upward movement. Stop loss at 1370. If you want a safer entry buy above the top the flag.

Disclaimer: I'm a bitcoin hobbyist and have no professional training or experience. The information I provide is not to be taken as financial advice. You must take responsibility for your own trading decisions.

註釋

I'm raising my stop to 1518. BTCUSD (Bitcoin) has remained strong following the 10% drop earlier today. I believe BCHUSD (Bitcoin Cash) may drop lower from here as I currently don't see Bitcoin dropping materially further unless we get a whale dumping their holdings or some bad news comes out - and unless you have a magical crystal ball we can't rely on either of those.

My objective here was to capitalise on a BTC drop which could cause BCH to rise. As Bitcoin is remaining strong, once BCH leaves the pennant it is currently in to the downside, it becomes a losing trade. Loss of 3.3% I can live with. Upside potential was much greater.

交易結束：達到停損點

Trade stopped out. I'll be looking to buy again if it gets back into the upper channel.

註釋

It's back in the upper channel if you're interested...