Bitcoin Cash Consolidation: New Low or Structural Wave 5?
Updated
We have an interesting situation developing in the BCHUSD chart :)
I will be updating this thread as we go, but for now, please have a look at the data. Which way do you think it will go (please include WHY)?
I will be updating this thread as we go, but for now, please have a look at the data. Which way do you think it will go (please include WHY)?
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Trade active
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We are below all the key fibo levels bar one formed by the rally from $300. I can envision a breakout to the downside around $396 if you want to short with momentum.Note
We are at the $396 that i've been talking about. We should see a nice selloff if we breach this area.Note
Sub-key fibo level is broken!Note
Uptrend line ahead along with the end of the potential long box at $358. After that I would watch $327, $300, and $277. Look for strong bullish divergence on the 1HR.Trade closed: target reached
Hit trailing stop at $359 this morning :)Note
In the future:Note
Keeps retesting long box support/resistance at $359Note
Keep in mind we are at the wave 1 support level:Note
Oh and doesn't this pattern look familiar?Trade active
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Trading below a structural wave 1 support is very bearish. This likely means there will not be a structural wave 5. Are we in a decline?Yeah, so fibo support evaporated and so, too, did the price...these kind of wicks can indicate that price wants to go in that direction. The 0.11 fibo turned into resistance so...
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Trading range at $301 beached! Wahooooooo. Min TP ahead.Trade closed: target reached
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Almost reached MIn TP yesterday, trailing stop triggered at $301 tho.Next potential trade:
Notice bullish RSI herel:
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A potential long trade... lots of resistance tho!Note
We fell out of the long box, so I'm thinking short again.Note
What a tight range we have here, eh? I'm watching this very carefully for an upward break. Don't rush if it snaps one way or the other as you will have opportunities to get on board.Note
MAN still stuck here...Too much long box resistance and trading range support. Eventually one side will get exhausted... Also, see that wick dip? That's why you don't want to jump the gun here.Note
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We are at the downtrend line, a decision has to be made?Note
Hmmmm... A long is still countercyclical here (I've added another downtrend line). This could simply be a rally to the fibo resistance. I am not convinced this is structural change yet... Here's the game plan.
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