Bitcoin Cash has recently retraced back down to the daily MA cloud, and appears to be bouncing off of it and moving to the upside. Good momentum on the Daily with the well positioned StochRSI is giving a good entry signal.
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Entering some positions here.
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Typically on the loss of momentum on the 4H I would start looking for reasons to close positions. I'm still bullish on this trade, but cautious.
Since the 30M trend seems to be respected for this price movement, I will be waiting for a close in the 30m cloud. Currently at +5% and stops set at break even.
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Price progressing upward as expected.
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A wild 4H doji is appearing. I am remaining bullish due to the daily price action, but will be caution and watch the direction of momentum on the next 4h candle.
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+10%. Closing BCC due to loss in 4h momentum and a few closes into the 30m cloud.
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Opened positions on the good looking 4H candle and bounce off of the 30m MA cloud.
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Closing positions at -3% due to the 4H white doji followed by the 4H momentum candle to the downside.