BCH HODLER's need to wait longer than expected!Hey Guys,
As much as we hate posting this idea, we have to accept the fact as a trader/investor that financial decisions can't be taken with emotions. Keeping our emotions aside, here is a third eye view of the BCH chart where we are still in the bearish zone (sadly) and the possible bottom may not be there yet. The chart marks its' reason for being bearish along with the fact that the whole market cap is taking a hard beat. The volume is weak, rsi is not strong, overall market being negative, we will have to wait long for the reversal.
The possible reversal zones have been marked with the most reasonable explanation we could provide. Because we always look for confirmation before opening any positions, we don't recommend a short here as we are not sure of the reversal price i.e our target for shorting. However, traders can look to accumulate more at the given reversal levels and wait for the bull run we all are expecting.
There have been various positive news on BCH with the introduction of Cointext, Bitfinex allowing 0 confirmation transactions, Satoshi Vision conference, increase in retail adoption etc. This confirms that we are going to see a new AllTimeHigh anytime this year but like you all even we can't wait any longer. As published in our earlier ideas, we are still looking at possibly $6400 target anytime this year.
Do share your thoughts!
Happy Trading!
Bchisbtc
How I've been trading BCHWe all know what's going on with BCH and BTC.
I'm not entirely sure where we stand, so there's not much I can say, unrelated to my chart.
Here is what I notice:
Bollinger bands contract when preparing to break out, this is very common with Bollinger bands.
When price starts going up, buyer volume slowly increases in a near-linear manner.
When sellers come, seller volume slowly decreases, and decrease of volume is increased as gets closer to next bull cycle.
RSI shows oversold on all 3 "correction" bounces, before it started going back up.
You can use that for a signal of potential upward movement.
We've had a few falling wedges and pennants since yesterday, you know what those do.
See how you can use this.
BCHUSDWatch for a replay of events.
Looks like highly likely to bounce off fib retracement levels the arrows point to.
Low Risk: High Reward
Set Stop Losses 5-10% under
BCH/USD - long bullish symmetrical trianglemin target 450$ best scenario 470$
i will keep both bch ideas updated
-rakim
BCH/USD - buy the bloodHello folks,
We have here 2 potential bearish patterns a cypher & a gartley these are sell signals..
I never long or short because i see a potential harmonic pattern they are meaningless without a d leg completion you can max. combine bearish with bullish ones im currently long here because reached the demand zone not expecting the price to fall below 320. The price almost lost 2/3 of its value since it peaked at 950$.
Tp 1 - 450$
Tp 2 - 630$
-rakim
