Long
BCC and the composite man
By bringing the price down, the composite man sells and re buys his positions in the range of USD 719- 392, after shaking out weak hands below trading range USD 283 driving prices down and activating sell stops. The composite man has now absorbed most of the floating supply of BCH and is ready to leave shake-out area where most people sold in panic, following by a spike out of the shake-out zone at a price of USD 522.95. Soon when the composite man is finished with accumulation we will break above primary growth trend and probably leave trading range area at USD 700 to a max top of USD 1200
Trade active
Seems to be topped here above the primary growth trend, will wait at these levels to add some more if it holds.Note
0.382 was reached, bounced a bit but still looks like a bearish pennant for me.I will be waiting at USD 550-531 for a next entry, STOP at 634 if it breaks up.
Note
Broke up, so I will be adding a bit more here and see where it goes, might retest the growth lineTrade closed: target reached
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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.