Long
BCH Possible Incoming Uptrend
As a beginner this "unconfirmed" idea is based on the following assumptions in the day chart: low momentum, low RVI, low stoch RSI, good resistance.
If you are already IN, my view is to stay IN (in a safe manner - looking at fib and SMA), if you are OUT some further sign of inversion should confirm the uptrend. In case of fall I see 1230 and 975 area as possible reaction (buy) zones.
If you are already IN, my view is to stay IN (in a safe manner - looking at fib and SMA), if you are OUT some further sign of inversion should confirm the uptrend. In case of fall I see 1230 and 975 area as possible reaction (buy) zones.
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Exploiting the temporary break of Bitcoin rise, a certain inversion is ongoing (good confirmation over 1600). IMHO we can look at FIB and round value for target. My view is that, there should be enough energy for important growth: index on day chart and 4H chart suggest to me the possibility for a T1 around 1800 and T2 around 2000. Possible even T3 around 2200.Let's see if in this particular market moment this analysis can work...
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Note
The candle has broken the descending trend-line. Let's see if the breakout will be confirmed or postponed again.Trade active
There was a break-out of the downtrend and very good daily chart but in my opinion yesterday Stoch RSI on 4h chart was too high suggesting to me that before to complete the uptrend a certain retracement (at the time of this update the price is decreased to around 1470) was needed before the ramp up. Now looks better and probably the targets could be even increased. But there are several coins exploding during this days that can draw the attention, so patience is still needed.Just in case: according to my small experience, considering that in the past during the ramp-up of this coin, due too very high traffic, was almost impossible to operate on the portal, in order to sell properly, it could be better to pre-order the sell at certain level at least for part of your targets.
4h chart
Daychart
Trade closed: target reached
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Apparently there is space for further growth on daily chartdwq4do82y8xi7.cloudfront.net/x/GGc3mGyi/
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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.