Long
BCC BCH Bcash Btrash Bready 50% gain or bust? - risk/reward 1:7
Updated
TLDR:
Entry: above 1650, perhaps 1660
Stop: below 1540
Target: 2500
50% gain with risk/reward ratio of 1:7
Good day traders… whatever you wanna call this pump and dump slutty POS (and I don’t mean proof of stake) coin is up to you but the fact of the matter is it’s going up.
The fundamental behind this push is of course the hard fork that’s coming soon
Here we clearly see that we’re either done with the fifth wave at $1800 or are still working on our fifth wave with a target of $2500. Where do we get these figures from? If you take the length of wave i and project it from the end of wave ii, you have wave iii terminated near the 3.618 expansion target. This tells us that wave v is either 5x that of i or 8x that of i within the same projection.
With that said, let’s find some clues to ready our battle plan:
(1) In this 4hr chart, we have a bearish RSI divergence from 4/20 to 5/5 (does that mean that folks are down with 420 on Cinco de Mayo? Hrmmm…)
(2) We have a break in the red trend line that started at the end of iv
(3) We’re now below the 40 hour EMA
(4) With the 3 indications above, and the fact that we’ve seen the 5x projection that validated a wave v, we can somewhat conclude that 5 waves have been completed and it’s all down hill from here
BUT BUT BUT
Let’s not forget that the fork is still in the air, and we all know what happens when spoons knifes and forks are in the air. People love to FOMO
(5) So for now we found support at $1560 from the tip of wave iii
(6) Its no wonder that we now are seeing some indecision candles for either a reversal or continuation of the down trend
(7) Our RSI is starting to reverse which now creates a higher low to bounce back towards the resistance created by the divergence from 4/20 and 5/5
Now we wait.
If we see a push above 1650 beyond the 40 hr EMA, we should expect 2500 by about may 10th, 11th, or 12th
If the bears take over and we see a push below 1540, we’ll have a confirmation that our first 5 waves up is done and we should be seeing lower prices from here on out
Good luck traders and stay safe
Kinashi San
Entry: above 1650, perhaps 1660
Stop: below 1540
Target: 2500
50% gain with risk/reward ratio of 1:7
Good day traders… whatever you wanna call this pump and dump slutty POS (and I don’t mean proof of stake) coin is up to you but the fact of the matter is it’s going up.
The fundamental behind this push is of course the hard fork that’s coming soon
Here we clearly see that we’re either done with the fifth wave at $1800 or are still working on our fifth wave with a target of $2500. Where do we get these figures from? If you take the length of wave i and project it from the end of wave ii, you have wave iii terminated near the 3.618 expansion target. This tells us that wave v is either 5x that of i or 8x that of i within the same projection.
With that said, let’s find some clues to ready our battle plan:
(1) In this 4hr chart, we have a bearish RSI divergence from 4/20 to 5/5 (does that mean that folks are down with 420 on Cinco de Mayo? Hrmmm…)
(2) We have a break in the red trend line that started at the end of iv
(3) We’re now below the 40 hour EMA
(4) With the 3 indications above, and the fact that we’ve seen the 5x projection that validated a wave v, we can somewhat conclude that 5 waves have been completed and it’s all down hill from here
BUT BUT BUT
Let’s not forget that the fork is still in the air, and we all know what happens when spoons knifes and forks are in the air. People love to FOMO
(5) So for now we found support at $1560 from the tip of wave iii
(6) Its no wonder that we now are seeing some indecision candles for either a reversal or continuation of the down trend
(7) Our RSI is starting to reverse which now creates a higher low to bounce back towards the resistance created by the divergence from 4/20 and 5/5
Now we wait.
If we see a push above 1650 beyond the 40 hr EMA, we should expect 2500 by about may 10th, 11th, or 12th
If the bears take over and we see a push below 1540, we’ll have a confirmation that our first 5 waves up is done and we should be seeing lower prices from here on out
Good luck traders and stay safe
Kinashi San
Note
We're now trading above EMA
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