imkeshav
Panjang

Bitcoin Cash - Are you getting down at the 3K station?

BITFINEX:BCHUSD   Bitcoin Cash / Dollar
More in depth details on below points are here - https://www.yours.org/content/bitcoin-cash-investment-part-2---are-you-getting-down-at-the-3k-statio-ef916eb5ed0e

BTW             most of the BCH bull runs happen during the korean day, so watch out for crossing 2k again in the next few hours (It is 4 AM IST and 7:30 AM in Seoul)

Our last post on the BCH bull run was very accurate and we touched the $2000 mark as well. While that post talks about looking beyond 2k, this post discusses ideas to take profits and balancing your assets with Crypto.

"Nobody ever lost money by taking profits" (Originally heard from Goldbug1)

One of the most difficult choices for a new or experienced crypto investor is to decide when to sell and how much to sell. This is especially true in the current market which is pumping with adrenaline.

I'm more of an investor than a trader and most of my advice is tailored for that. I like to have a plan for Investing, HODLing and a little bit of a trade while PROTECTING MY CAPITAL

PROTECT YOUR CAPITAL
There is nothing more important than preserving your capital. I believe that goal is not to make money, if you are conservative in saving your initial invest, the crypto market will automatically make a lot of money for you.

Never sell 100%
I believe we should always try to keep some percentage of our blue chip cryptos (Top 5 by market cap, screw you Litecoin we have BCH now ) for long term because you never know how high the price can go in months or years or in my case - 50 days!

Now for the charts
Now that we are clearly done with a ABC (or ABCDE) correction, I tried to chart some elliott waves from high level of view in 1 Day chart. What is clear is that we are at the end of a 4 week consolidation and at the verge of reaching abd             breaking through the ATH            

snapshot


This is our main channel 4 Hour chart, look at the massive breakout yesterday, we also had resistance at $2000 (it is a physiological number) and then fell back where our $1720 turned into a support line and we got a nice bounce from that line in the last few hours.

BCHBTC             is a very important chart (actual chart in the yours website) and adds value to our existing analysis. Our BCH broke out of a long and extended consolidation wedge

Thanks for your kindness and time. Do comment to leave any feedback, it is a great motivation to continue writing.

Disclaimer: Please do your due diligence before investing in cryptos. Trading is much more complicated than investing and my observations are more tailored for the latter with a mid to long term view. In the market you are right until you are wrong. Have a good strategy in place and protect your CAPITAL always.
Komen: Update: Charts will set you free! Nothing goes up in a straight line without retracing back to recover. So this correction is aligning with my updated charts on Elliott waves and we are still good for now. More details in yours.org article.

snapshot


We have a nice ABC correction in the sub wave 2 of the impulse wave. So yesterday's run could be the wave 1 and today we are correcting as part of wave 2. Next up should be the bullish wave 3. However we do need to hold $1720 or the $1533 support lines

RSI Channel - I also created a small channel in the RSI indicator and we appear to be heading up for another bull run.

snapshot


Note that the above 1-5 waves are part of the larger 1-5 Impulse wave and we still appear to be at the beginning of a large wave 5 which should take us all the way to 3k. We also talked about how the larger wave 4 has an ABC correction wave

Stay safe and always protect your capital! and make sure to book some profits unless you are a super HODLer
Komen: Looks like we are at the end of our wave 2, the train is refuelled and ready for a burst of speed to 3k station. ARE YOU READY FOR WAVE 3? last call!

snapshot


And look the NEWS falls in place now, just in time for the wave 3. Lets see what happens now
https://t.co/Fvc1GCiaDv (Coinbase president hinting at BCH being listed)

All the good news about BCH at one place
https://t.co/kXKjmeScfS
Komen: Note that there be a these little people with little blocks trying to block our train, we have to pause or even retrace back to avoid running over them. They will go back to their horse carts eventually (Have a plan B just in case we retrace back)
Komen: Here is a possible correction scenario to keep an eye out
snapshot


If the price cuts below the pink channel than we may get a retrace all the way to bottom green channel support at $1345. However, note that there was nice bounce a while back showing a green candle when pinch channel was touched (see green arrow)

But if we continue upwards now, then there is a possible upside with next resistance being at 2100
Komen: OK now the solid red line is a dotted red line as it is less likely we will go down. Onwards!
snapshot


Our wave 3 is starting to align with our previous Elliott chart
snapshot
Komen: and we are off? We just had a $100 candle to 1900
snapshot
Komen: Long term, we are still good as per the below chart
snapshot


I also see a pennant forming, at the end of which we can go up or down. But based on the earlier uptrend it is likely that we go up. Also our support $1730 held very well in the last 2 days.
snapshot


I will do another post after observing a bit. Long term, I'm still very bullish on BCH. However, there is uncertainty regarding the effects of CME on Bitcoin and that in turn on BCH.
Komen: Is there a breakout? See the same chart that was published 3 hours ago
snapshot
Komen: WOW...its going up as per our line

snapshot
Please find details of other fundamentals and strategies for crypto investors at https://www.yours.org/user/imkeshav/
and
https://twitter.com/imkeshav
Is this trade closed? target reached?
Balas
@Luksac, We appear to be consolidating waiting for the next run up. Good place to take some profits just in case. I will try to pst a new chart
Balas
next resistance ??
profit target of this run /??
Balas
@imkeshav But the volume is not good in this particular moment to hold this position above $1877 ?
Balas
imkeshav PRO Lolipopba
@Lolipopba, Good point. We will need volume, but look how the RSI is holding within the channel I drew. Lets keep an eye out
+1 Balas
Any update? ar we still in up trend? It seems to be we have fallen under the support line so it's now a resistance and we can observe it can't go through it and it's bouncing down.
Balas
@Luksac, Actually the support level at 1720 is still holding. I'm trying to see a better pattern. But we need to be cautious. However, mid to long term I'm very much bullish

Balas
Luksac imkeshav
@imkeshav, many thanks. I'm very cautious cause the 2100 up level is the same possible as 1400 where we have main support which would be reasonable before next huge pump as this we had started 12 December
Balas
@Luksac, I did not understand. Can you elaborate? I do think we need to take 30-50% profit at 2100 level just in case we can't break through resistance
Balas
Luksac imkeshav
@imkeshav, I just mean that we break off from main support line on about 10.12.2017 and we going on now with new trend line but if we would not break current resistance we can fall back to 1400 levels which is the long term support.
Balas
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