Long

BCH-usd bitman will show us the excitement again ?

Updated

Plz don't forget to LIKE if you LIKE it.
This is not financial advise

BCH has just broken out of the downtrend chart both on candle and RSI both daily and weekly

This is an early sign signal for a bull cycle.

I say it is early sign because there can still a bulltrap for retracing to new low due to OBV hasn't broken out yet both weekly and daily too.

So what should we do ?
- aggressive buyers can wait for small retracement and buy.
-little conservative buyers can wait to see what happens next few days and wait for price to move CLOSE back to 12 EMA and buy .
-conservative buyers should wait for breaking out of OBV and buy

in all of 3 cases, stop loss will be below 12 EMA

Note

OBV on weekly , not broken out yet

Note

OBV on daily not broken out too. However on RSI , both daily and weekly have broken out

Note

similarit fractal from last bull run's bottom and current place

Note

possible just another bulltrap like last time again because OBV hasn't broken out yet. In either case (bulltrap or not), stop loss will save the trade

Note

another similar fractal, we stop exactly at the same downtrend line as in the pic

Note

feeling excitement :). Around same amount of days of bear

Note

I will say it is better to observe what will happen on next week before setting buy order . Why ? it is the start of monthly and weekly candle. If we are really at the bottom, we will have a lot of time to buy

Note

chart moves very nice. Should be top around here. Waiting for pullback and consolidation to get in :)

Note

According to btc's short-term pattern, Btc will start pullback soon. Alts and BCH will do the same thing too.

if BTC can hold above 7100$ after pullback, we can expect further up move from coins

Note

Bang , it is starting :))

Note

damn, price is so stubborn to head down. Lot of mixed signals here = no play . This week is very important for Bitcoin and alts because btc is near the important resistance zone 7500$ already

Note

range is getting tighter. Possible an intra-trade here. Buy here and stop loss below 623$ to anticipate break out

Note

trade hasn't been executed. Playing on this range is so risky . Better to wait for a healthier pullback

Note

everyone is waiting for a break of 7500$ bitcoin to confirm strong bull signal for all coins

Note

the big drop in crypto market doesn't feel like a pullback at all. It destroys lot of supports in one go. Nevertheless, we can expect small bounce for such big drop but it is very risky to catch falling knife it it is turned out to be. Look like i will be patiently waiting again for bull confirmation

Note

all I say now is that NICE drop . LOL.

Note

this situation is exactly what happened during last dump. We had multiple dump dates without a SINGLE recover days. I strongly suggest everyone shouldn't try to catch the falling knife unless RSI is at extreme oversold level.

Note

really have conflicting thought again. Because bull still hasn't given up. Btc's movement right now is very similar to the one in April but in LARGER scale. Therefore bull still has a big chance to win. However, trading in this range right now is so risky because it will be very violated , stop loss won't have enough time to trigger ...

Note

Do u see the similarity of the current btc pattern with the one in April ?
only a break below the blue line will trigger more bear. If we still are above it, bull is in favor

Note

this is the one in April . It is in much smaller scale version but same pattern

Note

this is really sad. Weekend and we can't even recover little bit.

Note

and here we go. So expected , if we can't even recover on weekend, chance to go down is super high. Now dropping . Yeah

Note

crypto market is DISGUSTING in my opinion. Bark pattern is back again. By checking Bark history, most of the time we will go lower . Compare for yourself and decide. Personally, I will stay away from trading inside this triangle range of bitcoin. Either wait for more drop to jump in or wait for price to break out of the triangle.

Note

Basing on my calculation, the ideal place to buy BCH should be around 350$-370$ range

Note

btc's approaching decision time soon within 2 weeks. Basing on chart's price action, im 70% breaking up the triangle and 30% breaking down. Yeah, lot of bullish sign on chart. Plz don't tell me it is descending triangle so we are going down :))

Note

best option now is to wait :)

Note

I have bad feeling now because MT Gox is selling their bitcoin now. Articles have started popping up. They have 1 Billion Dollar to sell. Will MT Gox create 1 more last dump for Bitcoin ?

Note

RSI on daily is heading down to oversold area soon. That's good opportunity. I always feel the previous dump is too SHORT :). If you read my above comment, I mention 350-370$ buy target. That target still holds.

Note

350$-370$ scene is for the case btc can hold above 5850$. If btc breaks down , then the worst scene for BCH is around 300$ max. So start buying around 350$-370$ is good if RSI approaches oversold during that time

Note

so yesterday's drop was almost recovered by today. This clearly shows that bull is strong. Lot of coins are back to breakout area again. I m leaning more on bullish side now because of this strong recover.

Note

xrp has upcoming news and is worth at watching. It pumps and stops at resistance line. Waiting patiently for it to break it before jumping in :)

Note

strong rejection to go down lower and break out of the triangle. I am observing XRP closely for next few hours

Note

very exciting dates for alts and bitcoin. I strongly believe that bitcoin will break up the triangle pattern . However, right now we have reached (or almost) the resistance zone. Maybe, we will have 1 or 2 days rest before continuing on taking off.

I understand that lot of people are waiting for 5k. However, have they ever been right when bitcoin dumped at 20k ?
I don't know how high or low coins will go but I know that we are in a mid-term pump cycle again now. And Altcoin market cap has just broken out for 2 days. We might experience April's pump again and it usually lasts pretty long

Note

BCH-BTC has broken out. BCH-USD is fighting the upper line resistance .

Note

if you read my original post, you will know that I was wondering whether the rally was another bear trap or not because OBV hasn't broken out. And it turned out that it was a bear trap. This time we have broken out again BUT OBV also has broken out . So the rally might be real this time. Now we just need to wait for a confirmation of testing support and holding ^__^ . By looking at other indicators, chance for real bull this time is pretty high

Note

i will wait until price tests EMA support on 4hr and hold

Trade active

Note

woot woot

Note

Don't underestimate Bitman and Roger Ver :)

Note

we are all getting scared whether it is just another bull trap like previous september's pump. After comparing the 2, i don't think the current one is a bull trap
.
However we can't ignore the bear case. If the low is broken, then yes it is.
I am 80% on the bull scene :)

Note

shame on Bitman coin. BCH is one of the coins which recovers the least right now

Note

still trading around bottom level which is very good for accumulating . I highly doubt that we will make new low. So Win/Loss ratio here is very good to buy

Trade closed manually

new post is made

JackieHuynh

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.