BCHUSD Back in Neutral but with bearish undertone whilst 1539 cannot be beaten This has been a minefield to trade over the last few hours. Longs bought at 1461 got blown away with stops at 1450 and shorts from the same point have also been whipsawed out for another 10 point or so loss. A complete mess. The big green bear engulfing candle shows a lot of interest but the pin bars at the top and bottom still signify uncertainty. The way it's now backing and filling down the same big green candle is mildly bullish, though. To stay that way it now has to hold up at 1516-1504 and then start to push up into the dynamics/parallels above it. Only once it can break above the parallels will BCH break free of this continuation pattern. But it cannot be shorted whilst 1516-1504 cntinues to hold up declines. For a short to have a chance of winning now 1500 must give way which would likely lead to a fast test of 1461 again at least (safest part of this trade) and quite likely to the lower parallel before it bounces again.
As with BTG right now this is near term neutral above 1516-1504 and yet still negative whilst unable to break above 1539 and hold up there. It's more a sell off the centre parallel than a buy but needs to break below 1516-1504 for a quick short - or it holds up here and makes an attempt to break the parallels above it. It remains in a weak technical position whilst trapped below 1539 so stops on any shorts need to be placed above here.
waiting for your ideas, thank you for being with us
sumastardon
⋅
@nick.0dev, Well that is sweet of you to say. But have not been much help the last 24 hours or so. Bottom line now is Bitcoin is going to 15 fast. all the Alts will ride on its coat tails, so it's long Alts v USD and short Alts v Bitcoin for now. Look to buy dips but they're few and far between now. Even thi=ose that looked bearish a few hours ago are not finding any sellers now...why would you sell baby Alts if Bitcoin is going to power higher still. No one can fight this. We have to go with it.