BCH Run Up?
Updated
BTC is currently in the midst of a major correction which I felt was imminent when I wrote my Oct 21st post. Since then I had bought into BCH when it completed its double bottom back at $400 (wish I bought more). It has since been a crazy ride and I cannot say I saw that run to ~3k coming. Right now BCH is in the midst of a well needed correction. I do not believe it is done. It is just now touching the horizontal trend line I believe it will follow up or bounce off of in an upwards trajectory.
The 1H, 4H, and 1D (Not as much) charts seem to be ready for a run up. On the other hand there is not much room on the 1D RSI though, so it might not go up too far before needing more gas. This also leads me to think it might need more down time. If my horizontal support line holds we should be good.
Let me know what you all think... Is BCH ready for another run? Is it just a run up or "The Flippening"?
Sorry for the terrible chart
Peace
The 1H, 4H, and 1D (Not as much) charts seem to be ready for a run up. On the other hand there is not much room on the 1D RSI though, so it might not go up too far before needing more gas. This also leads me to think it might need more down time. If my horizontal support line holds we should be good.
Let me know what you all think... Is BCH ready for another run? Is it just a run up or "The Flippening"?
Sorry for the terrible chart
Peace
Comment
BTW, the black horizontal lines are resistance support levels. The pink lines are confluence areas. The green lines are also confluence areas, but is the zone I wanted to add more within. However, I just added some recently incase my currentl horizontal line holds.Comment
Seems the horizontal support line broke and it may be heading to my green bordered buy zone between 848 and 972.Comment
Technical Analysis is all a probabilities game. There is always un-surities. The chart didn't move exactly how I wanted it (bouncing from the top horizontal back up to test ATH) but my confluence lines and horizontal support/resistance lines seem to be correct. Spot on to be exact. BCH found support on its way down at my horizontal line momentarily which it is currently using as resistance on it's way up. It also found support at my upper green buy zone at 972. It can either go up from here or totally break my heart lol. BTC seems to have found support above $7300 which is good news but may be sucking some of the gas away from BCH. BTC seems to have fully corrected and will now move forward or got a little lost on the B leg of it's correction before plummeting to C.
All in all I have not pulled out from where I added early to BCH as yet. I love punishment so I will let this wound fester a bit. I completed my adds to this position when it hit my green zone. Patience is a virtue...but I won't play chicken with BTC. I will pull out if it heads any further south.
Peace
Comment
Alright ladies and gents the green buy area on my chart seems to have held but now we are battling the horizontal support that is now our resistance. I have an updated chart.Anyone know how to add a chart to a comment? Thanks...
Comment
Comment
Above the horizontal resistance line making it our new support and now testing the 1383 confluence zone. Moving on up! Slowly but surely. I am %100 back in the green from when I started adding more to this position. Patience!
Good luck all
Comment
Made this chart last night before the break out this more but did not take a snapshot to post as It is a rough draft of how I feel BCH should progress. I have changed nothing since then so I am pleasantly surprised to see the breakout occur in my projected area. Check it out...but note it is a rough draft my areas aren't predictions just an outline using Elliot wave theory. The numbers represent a larger timeframe wave while the roman numerals are the shorter time frame.
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.