$BCH #BCHZ18 - Bouncing BitcoinCash Trade - Day Trader Explains
Hello Lads and Ladies,
Welcome back to the TJs TA Session, today we will be taking a glance at BitcoinCash and why this might be a good LONG position.
After multiple signs of a turn in trend and a massive 35% retracement on BitcoinCash, we seem now to have found a decent level of support. Here we are as well experiencing a lot of action which is giving us a nice possibility to make good and well planned leveraged trades.
The first thing that I want to talk about is the fib lines. This is one of the best examples one might find for using fibs. We have here a very clear downtrend, as well as a clear bottom. Meaning by that we can simply apply the 1 at the top and 0 at the bottom. Fibs is showing us a possible retracement/bounce after a short term trend (depending on your timeframe).
Since we are in the middle of the fight, you can adjust the fibs a little and not catch the very last and lowest spike at the bottom, sine the 23.6% fits better at that point.
Now lets take a look at our RSI and StochRSI indicators.
RSI is down to 31 points and showing us a mini bullish divergence on the 6h chart.
StochRSI is looking very very flat for a long time and now slowly starting to turn and break back upwards.
We have the all time BitMEX low at 631 and we went down to 632, basically retraced fully to the very bottom.
Especially with a day left till the hard fork of BitcoinCash, we might still see a nice pump.
AAAANNND A MASSIVE DUMP WHILE DOING IT HERE :D
Still valid, still good, simply stagger up longs till support and then run the bounce.
Based on all of the above I will make my trade like following:
BCHZ18 LONG
7.5x - 15x
Buy -> NOW - 560 - 545 - 525 - 495
Targets (longer term) are our fibs -> 723 - 772 - 811 - 850
Targets (short term) -> 631 - 650 - 687 - 700 - 722 - 753 - 777
Stop Loss -> 480
Welcome back to the TJs TA Session, today we will be taking a glance at BitcoinCash and why this might be a good LONG position.
After multiple signs of a turn in trend and a massive 35% retracement on BitcoinCash, we seem now to have found a decent level of support. Here we are as well experiencing a lot of action which is giving us a nice possibility to make good and well planned leveraged trades.
The first thing that I want to talk about is the fib lines. This is one of the best examples one might find for using fibs. We have here a very clear downtrend, as well as a clear bottom. Meaning by that we can simply apply the 1 at the top and 0 at the bottom. Fibs is showing us a possible retracement/bounce after a short term trend (depending on your timeframe).
Since we are in the middle of the fight, you can adjust the fibs a little and not catch the very last and lowest spike at the bottom, sine the 23.6% fits better at that point.
Now lets take a look at our RSI and StochRSI indicators.
RSI is down to 31 points and showing us a mini bullish divergence on the 6h chart.
StochRSI is looking very very flat for a long time and now slowly starting to turn and break back upwards.
We have the all time BitMEX low at 631 and we went down to 632, basically retraced fully to the very bottom.
Especially with a day left till the hard fork of BitcoinCash, we might still see a nice pump.
AAAANNND A MASSIVE DUMP WHILE DOING IT HERE :D
Still valid, still good, simply stagger up longs till support and then run the bounce.
Based on all of the above I will make my trade like following:
BCHZ18 LONG
7.5x - 15x
Buy -> NOW - 560 - 545 - 525 - 495
Targets (longer term) are our fibs -> 723 - 772 - 811 - 850
Targets (short term) -> 631 - 650 - 687 - 700 - 722 - 753 - 777
Stop Loss -> 480
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