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BCHZ18 Long and Short setup scenerios
Decent volume suggests some volatility is likely.
There is no trade yet but this analysis shows some plan. If I don't get the Long set up then I'll short.
Long setup plan: Clean break of D1 OB is likely at the moment. If this move takes out the prior high and breaks market structure then I'll enter on a pullback to the green rectangle.
Short setup plan: Rounded retest of D1 OB (red rectangle) would be the 1st test of resistance level hence high probability set up with juicy R:R.
There is no trade yet but this analysis shows some plan. If I don't get the Long set up then I'll short.
Long setup plan: Clean break of D1 OB is likely at the moment. If this move takes out the prior high and breaks market structure then I'll enter on a pullback to the green rectangle.
Short setup plan: Rounded retest of D1 OB (red rectangle) would be the 1st test of resistance level hence high probability set up with juicy R:R.
Nota
Short set up is the most likely scenario now. Zooming in on lower timeframe (H1), BCH is already losing strength (see chart below) because of 2 reasons:
1) Bearish divergence (RSI is making lower high whilst price is making higher high)
2) Volume is decreasing whilst price is increasing
I might not even get my entry hence I will scale in a small position at the red dotted line before my planned entry (see chart below).
Trade fechado: stop atingido
That's a crazy pump. Stopped out with 2.37% loss.Better luck next time.
Nota
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