BCH - channel surfing. Still good for now

We are still in the upward channel with a bounce between 1200-1270 from the lower support line that is taken from 600s. The trend has turned upwards and if we continue (green arrow) this the target could be 1850-1900. If the above channel is breached than we are on our way to 2200 or above, otherwise it will retrace back into the channel (red arrow).

The good thing is that when I switch to 1Day or 1Hour view, these lines still align very well.

This entire retracement was caused due to BTC correction otherwise we should be in a bullish trend right now. Nevertheless the fundamentals are still strong for this coin.

Keep an eye on BTC as it crashing can still impact this trend

Disclaimer: I'm still learning to chart so please do your own research before investing/trading

Note

Lets see if we stay above 1400

Note

Here is the daily. We are still trying to hold at $1400. Maybe the koreans will come in give a nice push

Note

$1400 is holding for now

Note

Thank you Korea for the push. Now if we take support at 1450, then we are on our way up!

Note

After a good attempt by Korea, we are back at the 1400 support. Lets see if this can be held. I've shown the upper and lower price points to hit while going up or if there is a retracement

Note

1400 is holding barely now and the momentum appears to have reduced as if we the ceiling at 1450 is hard and right now buyers are not breaking it

I'm trying to see if there are other possibilities
1)The correction and consolidation extending from the previous ATH into an ABCDE pattern. This could be a good sign as the at the end we will start a nice 1-5 impulse wave
OR
2) We just started a 1-5 wave, but it appears to be too slow

Scenario appears to be likely now. So hold on for a while or you can sell some to buy back at a dip. But BCH is more suitable for the investor mindset as the fundamentals and risk:reward are very good in the long term (month(s))
Note:- Some of these thoughts also reflect the experts I follow as well. So do your own research as well

Note

The support for buyers is waning, we are slow crawl back to lower support line at $1250. If the price retraces sharply here it is better to exit and watch for a positive trend before getting in.

We need to observe the price action carefully now

Note

Looks like I spoke too soon. We have a nice spike. Lets see if our 4H candle holds above 1450

Note

I'm looking at possible outcomes, but we have a long way to reach upper boundary before we can take profits

This could be the beginning of an 1-5 impulse waves

Note

or this scenario. Similar but will help you not to sell early if there is a second wave

Note

Here is an idea in the 30 min chart. You will get a chance to enter here on a temp dip

imkeshav

Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw

Also on:

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.

imkeshav

Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw

Also on: