BCHUSD
Updated
I'm seeing yet another horizontal channel here in the intermediate term but you can clearly see high lowers on an up trending RSI. In addition we have a bullish ascending triangle with intersecting resistance lines and two failed attempts at breaking that resistance line. If we can break here my immediate target is a retest of 2950. Ive been trading in and out of BCH as the largest portion of my portfolio at this point in time. Current entry is ~2300 with the goal of selling either a 30% or 50% tranche of the position in the 2900 range. I'm expecting this retest to occur over the next 72 hours. I should be able to tell where I will want to re-enter the position depending on how it reacts at the 2950 resistance mark.
Note
We bounced right off of the lower channel line and you can see it bounce off the lower trend line of the wedge so that line will gain steam as resistance and support on both sides. We did get a large volume spike on a pretty large red candle so I was hoping we would be seeing capitulation with some over through on the lower trend channel but there wasn't enough follow through on the volume for me to believe it was capitulation. There is a pretty severe trend line forming at the top of the down trend over the past 2 two days but its slope is so severe I don't expect it to put up much resistance and I don't think it warrants a new chart. I don't like/don't know how to edit these charts in updates so I won't be posting an updated chart until we have another meaning trend or indicator. I'm still holding my full position of BCH and it makes up roughly 60% of my current crypto holdings. Keep in mind, my crypto holdings are a small portion of my total trading portfolio and I trade it more aggressively, with a higher risk tolerance, than any other asset class.
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.