Long
BCH/BCC - Bitcoin Cash - Daily Bittrex
Second coin on my long term trade consideration is Bitcoin Cash. The monthly chart shows the last few months have shows higher gains so I am looking to start buying in and accumulating come coins.
The overall trend has been bearish the last few weeks, but we have some divergence happening over the last few days. The AC Oscillator is showing a slow change in the trend and the Heikin Ashi candles are starting to reflect this as well. Same with the BB% indicator shows a pull from the lower band even though the candles are still showing a bearish trend. If these signs come true and the trend changes, the next line of resistance is around 14591250 SATS. I would want to wait for this resistance line to be broken and see a daily close above this line to think about a buy in. This is a daily line of resistance. If this happens, then I may look to buy in. If the bearish daily trend continues and we do not get our reversal, the next strong line of support is based off a monthly line around 10887486 SATS.
The overall trend has been bearish the last few weeks, but we have some divergence happening over the last few days. The AC Oscillator is showing a slow change in the trend and the Heikin Ashi candles are starting to reflect this as well. Same with the BB% indicator shows a pull from the lower band even though the candles are still showing a bearish trend. If these signs come true and the trend changes, the next line of resistance is around 14591250 SATS. I would want to wait for this resistance line to be broken and see a daily close above this line to think about a buy in. This is a daily line of resistance. If this happens, then I may look to buy in. If the bearish daily trend continues and we do not get our reversal, the next strong line of support is based off a monthly line around 10887486 SATS.
Note
The Channel has broke but its a very weak trend. I'm till not ready to consider an entry here as this may be a false break. Volume is in decline once more so we have not seen a valid trend change yet. I still wait for an entry.
Trade active
Now we have a nice clear trend with Bitcoin cash and we have broken above the 20 period moving average as well we are still above the 50 and 200 period averages on this daily chart. The BB% is up but we are close to overbought though even if it does i believe the retrace will continue to bounce upward after a correction or too.
My only concern is volume, its a little low so we may not see heavy movements here. I entered around 0.15645984 and setting a stop loss large on this once as i feel we will see some retracement though. My stop is set around 0.13532601.
As long as the trend remains above the 20 period moving average i will look to add more BCC to my portfolio on each retracement.
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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.