Gone Fishing.

Updated

Looks like we may have a 0.236 or 100% retrace of the FOMO pump from the previous month.

It would be healthy for BCH to affirm itself on a previous trend line support to confirm its footing. Perhaps a double bottom test of $600.

This is accumulation time and long positioning for the next real bull run.

Maybe a panic sell to $550, but it won't hang around for long if it does.

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'Gone Fishing' in this instance implies the bigger fish are found at or near the bottom of the ocean and/or river. In order to catch those fish, one needs patience.

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Looks like BCH is facing strong resistance at the 0.5 Fib level and the downside channel .

A move lower is expected.

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Ok, so I posted this in the comments section like an idiot...here we go!

Keeping an eye on the daily chart with what looks like the Stock RSI about to cross over and levels to watch for long entry.

I've been looking at my old favorite website recently, fiatleak.com to see what is happening in the outside world of Bitcoin buying.

There have been consistant orders of over 50BTC at regular intervals. This means that there is gradual accumulation going on of strong hands with money across the board and I feel that the next week or two will be the last time we will see these prices again. I said the same thing to a good friend of mine when BTC was under $300...(he still has to go to work everyday as he didn't listen and thought the price was too high) I saw him recently and he was looking a bit old and tatty!

I always used this site on past 'crashes' 2013 & 2014...the amounts were consistently higher as the price was lower at the time compared to today.

Bitcoin (& crypto) is not going below 5K, so buy good coins with everything you have. The lower it goes, the less chance it has of going lower.

I say stage in those buy orders and long this baby!

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I think that might be the reversal signal we're looking for!

And the bullish divergence...ha ha

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This is just a bounce, question is where do we retrace... here are 2 options.

I still think we re-test and at least make a double bottom at $600.

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Bearish divergence on the 4H chart, looks like we are going to test $600 to make a double bottom.

We will re-asses the situation once $600 has been hit.

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This is a log chart view that shows the price action has been rejected twice from the downtrend channel with a view towards $600 double bottom with bearish divergence indicated.

I would evaluate when we get to $600 and perhaps start accumulating. I would keep an eye on the 1D Stock RSI and buy aggressively when it is in well oversold, perhaps into the $500's

Hubris

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