BCH has been consolidating for some time now! Based on the gains it made in the Aug 17th to 19th run, I think this consolidation will last a while. Much longer than last time. My guess is somewhere between Sept 11-18th we will need to peek for takeoff to challenge the ATH. There are also some interesting dynamics going on between BCH and BTC in terms of rotation, but this is difficult to measure.
That aside, the current move to the downside from the 0.5 fibo will most likely be countered with a run up to the sub-0.618 fibo you can see on the chart. This pattern played out before in the data on Aug 10. I have been holding BCH since the 190 double bottom, but will probably fetch some more as it meets the 0.382 fibo on the way down, and perhaps take a large position once we get upward confirmation going back around through the 0.5 fibo. I will then sell these two positions once we start crossing fibo lines, notably the 0.618, sub 0.5, and sub 0.618.
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This is basically a guaranteed short
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Here's how it went down last time: (I'm not saying this will repeat to a T tho! So careful).
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We are approaching the 0.382. We could use the lines to guild buying action. But a better signal is the intense RSI divergence followed by a double bottom.
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Touched all three lines! Thats a decent scalp if you played that, but I'm not playing any games until we touch the 0.382. Remember, if we go below it the entire pattern changes. It would probably go into a triangle range rather than a falling wedge. BUT, BCH is too goo for triangles so ;)
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We should see our target level no later than Sept 2
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There seems to be some confusion as to when I will be taking this trade. Not until we see around $490. Then I will buy more as we go up....Many people seem to think we are going up from here. Based on my trading strategy, I expect the hit or even go below the min fibo, otherwise I do not BELIEVE we will go to the target area; above the purple line on the chart.
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All the buyers are waiting at the trading zone Bitcoin Cash...stop wasting everyone's time :P
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Your last chance to short the market before we dip below the support. I think...
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MAN, these silly bulls! The bus stop si down there. Short?
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I'm still on the sidelines. I'm not interested in trading this becuase my chart tells me we still have not seen the bottom of correction wave A; a possible bottom for the correction.
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Possible trajectory after rejection. I'm still fishing for the bottom :)
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RSI is coming down on the 15 after kissing the local swing 0.618.
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I am a little concerned investors will be risk averse, so I may wait for higher lows before entering.
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We are kissing the trading zone. I will be looking for an intense bullish divergence on the RSI.
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I do not trust the USD chart. BTC chart is showing us we are not done consolidating:
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NEW THREAD
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New trading zone:
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I just want to update this post for those following. I will do the same on the BCHBTC post. We are at a support zone in both charts. Because my BTCUSD chart is telling me we should expect further downward pressure, it does not fare well for the BCHUSD chart. Here is why:
As you can see, we are at the 0.5 fibo support in the BCHUSD chart. This support will puncture if we see a fall in the BTCUSD chart.
Meanwhile, in the BCHBTC chart I can envision another 30% drop to the trend line if we fall below the min fibo level to finish consolidation.
What all this means, in dollar terms, BCH is facing downward pressure from dollar losses in the BTCUSD chart TOGETHER with consolidation pressure in the BCHBTC chart. Combined that could be about a 40% haircut in dollar terms from where we are now. I sold my position at the max fibo level after picking up in the trading zone I discussed in the BCHUSD thread.