Updated

BCHUSD - 55% Countercyclical Long Trade?

Hey traders!

Here's another take at the market using a different altcoin to complement our earlier post.

The same patterns are evident here as explained in our IOTUSD pair, but we can also see the formation of a very large and significant falling wedge reversal pattern ;)

Bitmain is holding a lot of this stuff...

***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK

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Now kissing the trendline! Here's our chance to buy support with stop not too far below (parked just below the local swing low).

Trade active

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We are back testing the trendline!

We're forming a head and shoulders pattern. If the neckline breaks we are going to switch short. Its all about being agile in these markets.

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Neckline broke yesterday, so since then we've been short.

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What a weekend we had! We bounced off support and had to switch long at the invalidation level (sorry couldn't update over the weekend):

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Here's the bigger picture. If we can breach both these 0.11 fibos we will have our BO to $1K. If not, we will chop sideways. Buy back looks good around $480

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Yeah! We got the flag BO on the lower time frames:

Now if we could only break above $622....

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Consolidation time?

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Consolidation should not retrace deeper than $500.

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Here's the bounce!

Trader6127

Related publications

IOTUSD - 65% Countercyclical Long Trade?

by Trader6127

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