Short
BCH correction wave continues
$BITFINEX:BCHUSD
We have got at least two reasons for the correction to continue.
1. Double top which can bring the price to 0.786 fib
2. All Ichimoku indicators are in the cloud which means consolidation and also some bearish signs => price slowly going down.
We have two pivots(support) you can see on the left hand side of the chart with a green arrow pointing towards them, the correction can stop at any of them so could be 0.618 fib or 0.786 fib.
If it bounce back up and the chart looks promising I will post the targets and will go from there.
Keep watching...
We have got at least two reasons for the correction to continue.
1. Double top which can bring the price to 0.786 fib
2. All Ichimoku indicators are in the cloud which means consolidation and also some bearish signs => price slowly going down.
We have two pivots(support) you can see on the left hand side of the chart with a green arrow pointing towards them, the correction can stop at any of them so could be 0.618 fib or 0.786 fib.
If it bounce back up and the chart looks promising I will post the targets and will go from there.
Keep watching...
Trade active
Update with targetsNote
Forgot the Stop loss: $1410.Trade closed: stop reached
Stop reached last night. I'm out for now. I think this coin is better for shorts then longs. I will leave this coin alone for a while.
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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.