Long
Bitcoin Cash: Rally or Crash?
Is this a falling wedge reversal we see? Then we need a game plan!
The max consolidation level stopped the drop and we’ve seen a nice bounce. From here, we may see a breach of the falling wedge, a fibo extension target at $454, the pennant target at $466, and possibly even a daily target at $612. I can also see the rally kissing the major fibo resistance at $707.
Alternatively, we may resume the downtrend by breaking through the key fibo level at $359, the sub-key fibo at $341, and finally with bearish confirmation at $307. A fibo extension gives us a target on the hourly at $250 and a daily at $154 if we break the all-time low (I think this is unlikely at this time).
My method also includes analyzing the
BCHBTC pair. Here is the plan of action in that chart:
PLEASE NOTE: the long idea here is counter-cyclical until a breach of the bullish confirmation at $484.
As always, I will be updating this daily.
Cheers and GLWT!
Erik.
*If you like my ideas, please upvote :)
The max consolidation level stopped the drop and we’ve seen a nice bounce. From here, we may see a breach of the falling wedge, a fibo extension target at $454, the pennant target at $466, and possibly even a daily target at $612. I can also see the rally kissing the major fibo resistance at $707.
Alternatively, we may resume the downtrend by breaking through the key fibo level at $359, the sub-key fibo at $341, and finally with bearish confirmation at $307. A fibo extension gives us a target on the hourly at $250 and a daily at $154 if we break the all-time low (I think this is unlikely at this time).
My method also includes analyzing the
BCHBTC pair. Here is the plan of action in that chart:PLEASE NOTE: the long idea here is counter-cyclical until a breach of the bullish confirmation at $484.
As always, I will be updating this daily.
Cheers and GLWT!
Erik.
*If you like my ideas, please upvote :)
Note
Trend resumption! Very clean breakdown to the pennant fibo extensionStill above the key-fibo level here.... hmmmmm
Note
Resting on the key-fibo support zone.Note
Note
Note
Bearish confirmation!Stable in other chart, for now.
Note
BCH is telling us the entire altcoin jump is a bit of a dead cat bounce...We did breach the line here...but we need a close!
Note
A decision has to be made!Note
MAN this is one confused instrument...it has no idea where it wants to go.Note
Bullish confirmation is not until a close above $397. Below that, still very bearish.Note
Almost there!BUT! RSI is getting very tired in this other chart, and I don't think it will hit the bullish confirmation.
Overall, with BTC also getting tired, and crypto market cap stagnating...I'd rather go short soon! :)
Trade active
Forgot!Note
Note
Super fantastic! I had to cover the short and go long.Don't forget this chart: If we get weakness in BTC this may offset loss. But if there are loss in both charts then BCHUSD will suffer mega.
Note
FYI: a break below $455 may unleash a dynamic sell wave. This is a bit of a crazy market.Trade closed: target reached
Note
RSI might be telling us that we'll see another breakout...Keep in mind we hit all the targets in this chart...but a breakout out here would make this a monster trade!
Note
Shorting time?I've noticed the volume signatures are really wonky in this instrument...so i'm cautious.
Note
This will look very bearish once BTCUSD turns bearish...4HR views:
Trade closed: target reached
Absolutely silly. But we made some money :) Blew past the fibo extensions like they were not even there. Might still kiss the major fibo in the USD chart imo.Kissed the fibo resistance here a few times.
Note
MAX TP HIT cheers! Thread closed.
Related publications
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.
Related publications
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.