BCHBTC 1D death cross, fib, and support zones.
Updated
BCH is just now working on its 1D death cross (200 EMA crossing above the 55 EMA). This fits nicely with BCH rising into a nice orderblock (blue box). We have a confluence of multiple resistances here - 618 fib, stacked 55/100/200 EMA , and daily volume profile PoC . Looking at RSI , we see a trend line that it is likely to test and stochs also looking like a bit of upside, which should see us moving up to these resistances. I will be layering shorts from PoC (~.0339) to 200 ema (~.0352). Target here is the next order box (.0265, 25% move). Will start phasing out of short if we get any 12h or 1d closes above this order box (~.0365), with a SL at .0388.
Trade active
This ran up and hit my first short point before heading down. Position is a little lighter than I would've have wanted, but it has played out the downside well so far. Working on an 8.5% profit already and with leverage this is shaping up nicely. Just holding onto the position at this point as we're still moving down. Moving SL into profit around .033, which is the last little local top on the 4h and just above a local PoC.Trade closed: target reached
Target hit. Tidy ~25% move. Potentially more down here, but will pull out here and see how things progress. Had this on leverage and so a bit over a 100% ROI.
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