BCHUSD trending on the 2 hour chart long ideas

You can see here BCH is trending nicely on the 2 hour chart and following the 200 MA. When I thought about a long idea, I originally thought it would probably consolidate sideways again as indicated by the number 1. However, noting the structure of the wave formation is becoming somewhat rounded and am leaning more to the idea indicated by the number 2 whereby the price point will reconnect with the 50 MA and the vector will steepen.

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click on the chart to see notes

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Good support here on both the 15 minute and 60 minute charts could hold and reverse BCH to the upside.

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I may exit if we break through here to the downside and look for a better entry.

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please click on the chart for my notes about this chart

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It also really depends on BTC unfortunately. Bitcoin moves are like an earthquake. .. tremors are felt everywhere in the coin universe.

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I am revising my short term out look from the 20 minute chart back to the 30 minute chart. BCH is trending on the 2 hour and 30 minute charts so I don't see any upward momentum until the 20 MA reestablishes a price point that coincides with the 50 MA. My feeling is that the move here will be mostly sideways for the next 24 hours or so.

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Chart below to go with the above comment

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I have also revised my long term outlook on BCHUSD. I do no longer anticipate a new all time high for this rally. Generally after a spike rally like we just had there is a second attempt to make a top but it is rarely successful. My feeling that will will get close to the top but then sellers will come in and there will be a gradual deterioration of the price point over time and it will drift lower. I will post a chart shortly.

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Chart below for the above comment and additional comments if you click on this chart. Thank you.

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tradingview.com/v/yv8gNWNP/

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We could be off to the races here with moving averages converging. We just need some good volume buyers to see this and enter long. Above.

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You know once an asset or coin moves on to a longer time frame chart there no point looking back so I'm not sure why I wasted my time looking at this 1 hour/ 20 minute combo when it is clearly trending on the 2 hour/30 minute charts... anyway just wishful thinking I guess... when it needles out like this it's like watching paint dry... lol...

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tradingview.com/v/gD4rEaC0/

notes if you click on this chart

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We have a very nice looking wedge formation now and very bullish that it has not broken down through the horizontal dashed line too. We should be patient for another 12 hours or so and our patience will pay off. The only concern that I see now is the rally on BTC, and that is looking more vertical. I really would like to see some nice sideways consolidation on BTC right now. It would be extremely helpful not only to BTC holders but everyone else too! If FOMO takes over here there will be some blood shed later...

graham.edwards84

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graham.edwards84