Short
BCH/USD Leaning towards the bearish side
Position: Leaning Bearish.
I am going to trade BCH because it made for a great trade last time it got clobbered. While I didn't trade it last time, I will look to scoop up smaller amounts on the way down in a martingale fashion. If you scooped up shares down to 800, you made a great ROI on the way back up, even if you got out at the 1200-1300 area.
Bear indicators:
1. MACD averages crossing down, but... still in positive territory.
2. RSI is in oversold territory and it's topped while showing signs od divergence
3. Hit it's massive trendline that has proved resilient.
For all of this to be confirmed, we need a break of that $1300 support level. It could very well break up, but we will at least go sideways for a little while.
Happy Trading
-Sherem
I am going to trade BCH because it made for a great trade last time it got clobbered. While I didn't trade it last time, I will look to scoop up smaller amounts on the way down in a martingale fashion. If you scooped up shares down to 800, you made a great ROI on the way back up, even if you got out at the 1200-1300 area.
Bear indicators:
1. MACD averages crossing down, but... still in positive territory.
2. RSI is in oversold territory and it's topped while showing signs od divergence
3. Hit it's massive trendline that has proved resilient.
For all of this to be confirmed, we need a break of that $1300 support level. It could very well break up, but we will at least go sideways for a little while.
Happy Trading
-Sherem
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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.
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.