After closing our longs from our previous thread, the RSI made a selling signal, we continue to trade in a downtrend channel, and we have failed to trade above the major fibo resistance level. The selling pressure may be returning!
We had a bearish confirmation at $639 and a minor uptrend line break. One more white uptrend line remains to be tested. Over Bitcoin Cash's short trading history, it has a tendency to return to a specific fibo level. So here's the game plan:
A break below the fibo support/major key fibo support at $543-539 should offer a breakout to the downside. A break of the blue uptrend line can serve as the next breakout confirmation. A break of the key fibo support at $446 (MIN TP) will offer further downward confirmation to bring us to the MAX TP at $357. Below this level, we have a fibo extension target at $250.
Alternatively, if we break and close above the bullish confirmation at $688 we can set a target for $824 as MAX TP and then reevaluate.
We should also watch the BCHBTC chart, where price action may be reentering the downward channel.
Cheers and GLWT! -Erik
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Possible harmonic sell at $638?
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Wahooooooooo!
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Close margin short if we breach the white line to the upside... In the other chart, it was a false breakout!
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Sideways for now, swings are good for day trading but not much else. RSI is bearish too. Back above the channel here:
The day chart shows a heavily overbought RSI....
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Nice!
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HAha the short target was reached during the crash. We have remarkably returned to the previous level, but now the bullish trend line has been compromised.
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Breakout to the upside!
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$824 hit!
Now we need to wait for another pattern, since the trend line is so far away its too risky to short.
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OH MY GOD TIS WAS A MONSTER TRADE!
Look at that daily RSI near 90! I think it still has some room to go in the BCHBTC chart..lol
@Shockinalive, A bullish breakout is very possible. I won't join until we get a bullish confirmation tho! I trade both ways, which is why I posted this idea.
yeshuyesh45
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@agency, which is the break out conformation price ? thanks