Ronnaritta
做多

Long BCH/USD Uptrend 5th wave still in place

BITFINEX:BCHUSD   比特币现金/美元
Looking at our chart, we made the stop at $570 but its a false signal, you can draw a EMA89 period the blue ema and see that its bounce off when hit showing its effectiveness. The 618 Fibonacci also confirm the support strength. The price performs Elliots ABCDE pattern (although in real life its does not have exact point of the text book). Looking at MACD too emerging above signal to confirm the long idea. The order can be place above the LONG confirmation line and we have a target of $790. A stop can be place at $570.

Note: Watching at what happened, 12 hours ago, a confusion within the crypto communities of segwit2x or not, show again why we need good knowledge in order to stay in the game and win over the long run. Trading is like battle and wars, you can afford to lose a few battles. The importance is to make sure you know where you should give in retrace and save your ammunition and soldiers (your capital) so you can have enough to win a long term war (against devaluation and building long term wealth). My mentors always stress, knowledge first and profit second. Or some would quote wall street experts that to protect your capital and risk management is the main priority and profit second.

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评论: break up the confirmation line nicely heading for our target
评论: mission accomplish, the position can be hold till it drop of up trend line i will update in the next analysis
any risk for the coming weeks?
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Ronnaritta ixflo12341
@ixflo12341, Thank you for the question. Theres no 100% guarantee. First of all for me you are always expose to risk when you have a position in the market, just like a gladiator in a fighting arena. My analysis is fundamentally based on TA (technical analysis), it does not take into account of whether there will be reconsideration of the BTC fork (which can results in permanent fundamental change of crypto currencies). That risk of separating the blockchain will always be there as nature law. My best answer is this is swing trade where you have your calculated risk reward ratios for example this one 570 is our stop. So we look to gain $160 and $60 loss. My question is how much are we willing to risk?
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ixflo12341 Ronnaritta
@Ronnaritta, well said!!!
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