Long
BCH (ABC) continuation pattern
BAB or BCHABC is in a very bullish trend . It is now forming an HVF (triangle), and is consolidating inside the funnel ( parallel channel ), after a what seems to be a fake-out.
The pattern is suggesting that sellers have not taken control yet, although the fake-out is something to keep in mind. the chance to go up is probably 50%, but the risk reward is great. Stop is the most recent low made (190). Best is to buy as close to the low as possible, or when volume confirms a 2nd try for a breakout.
The pattern is suggesting that sellers have not taken control yet, although the fake-out is something to keep in mind. the chance to go up is probably 50%, but the risk reward is great. Stop is the most recent low made (190). Best is to buy as close to the low as possible, or when volume confirms a 2nd try for a breakout.
Trade active
red resistance is very strong. 2nd time we went there people sold off. Im not sure if pattern will fail because of that but: if in a trade i would tighten stop loss to around 205 (upper funnel). This resistance could be indication of bulls losing strength.Let me know your opinion!
Trade closed: stop reached
& reversed positionNote
reshort and stop above 19326372
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.