Bitcoin Cash Consolidation: New Low or Structural Wave 5?

30 Eyl 2017

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)?

30 Eyl 2017

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1 Eki 2017

İşlem aktif

2 Eki 2017

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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.

3 Eki 2017

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We are at the $396 that i've been talking about. We should see a nice selloff if we breach this area.

4 Eki 2017

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Sub-key fibo level is broken!

4 Eki 2017

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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.

5 Eki 2017

İşlem kapandı: hedefe ulaştı

Hit trailing stop at $359 this morning :)

5 Eki 2017

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In the future:

6 Eki 2017

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Keeps retesting long box support/resistance at $359

6 Eki 2017

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Keep in mind we are at the wave 1 support level:

6 Eki 2017

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Oh and doesn't this pattern look familiar?

9 Eki 2017

İşlem aktif

9 Eki 2017

Not

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...

9 Eki 2017

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Trading range at $301 beached! Wahooooooo. Min TP ahead.

10 Eki 2017

İşlem kapandı: hedefe ulaştı

10 Eki 2017

Not

Almost reached MIn TP yesterday, trailing stop triggered at $301 tho.
Next potential trade:


Notice bullish RSI herel:

10 Eki 2017

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A potential long trade... lots of resistance tho!

12 Eki 2017

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We fell out of the long box, so I'm thinking short again.

12 Eki 2017

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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.

13 Eki 2017

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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.

14 Eki 2017

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16 Eki 2017

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We are at the downtrend line, a decision has to be made?

17 Eki 2017

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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.