BCH - Coexistence in The Crypto Space With BTC & Patience
BCH (BCC') continues to be a dark horse in this space. Was not to long ago we mentioned this was the real McCoy. Of course it's not what we say It's what the market says. Well the market seems to be speaking to us. Of all the major coins out there BTC', DASH' (DASH' one of my top two coins), ETH' LTC' and I'll even throw in there ZEC' and XMR' (which I honestly missed the boat on), Bitcoing Cash has out performed them all. To put it in perspective less than a month ago BCH', DASH', ETH' were all trading at $300. But none have performed the way BCH' has. Now the first spike you could say, goldie that's just news and FOMO'. Your right it could have been, but when my buddy that has been mining and code writing since bitcoin' began I put a lot in to what he says fundamentally. I did some research on my own and I was sold on buying this coin. Then we had the run up and subsequent pullback to $900 we heard the ohhh it was pump and dump, Roger Ver manipulation yada yada yada. Well are you kidding me. Has ETH' or DASH' even come close? NO! Not even when it pulled back, and now BCH' corrected nicely consolidated, and is poised for another run.
Patience Pays Off Always! We sometimes lose our virtue of patience as we are looking to make a quick buck. Ohh VTC' is running let me sell and add there, ohh Power' is running let me sell and add there. This in and out of the market will make you miss out on great run ups like the 30% run up we had today on BCH'. Yes crytpos run fast but we must have patience and allow for our investments to cycle through the spikes. This is critical! During times of solid consolidation, like we recently had (labeled in the lower green box) this is NOT the time to get bored and move to the next hot coin. It's time to add a little to our core position, or have cash ready to add on a breakout, and we certainly received one this morning.
We posted this chart over about a week ago with the consolidation channel. You know I love consolidation channels! Yesterday we got a breakout and after retesting the channel (throwback) we surged higher. A nice strong surge and we are now consolidating around the 1.618 extension of wave 2. It does not get any more text book then this. Now will we get a pullback? Likely as this is normal as traders sell the fibb level and late comers think ohhh no I'm going to lose my ASSets! But I do not think we get much of one and I will add around the $1500 level for the v wave to level 3! This is as textbook as it gets period. Especially since if we get a pullback to $1500 (wave iv) the 2.618 extension is right in line with the 2.618 extension of wave 2. When the stars align your ship is on course. Remember I mentioned wave 3's are the ones you want to be all in on. We complete wave 3 of the mid cycle, it would be highly probable we are in wave III' of the longer term. I want to be all in!
The market is telling us that BCH' is the real deal!! And this is a coin I will continue adding to the long term portfolio as we get pullbacks, consolidation and reach new levels. If you added a trade on the breakout, nothing wrong with taking some off the table. Nobody ever lost money taking a profit.
Even if BTC' does not pullback as expected BCH' could eventually challenge it for price! When Vitalik comes out and says BCH' is a contender, people listen. Forget the noise however, the market is telling us the story and giving us our direction!
In closing I want to wish everyone a Blessed Thanks Giving, even if you are not in the United States, may you have a blessed day and weekend!
Patience Pays Off Always! We sometimes lose our virtue of patience as we are looking to make a quick buck. Ohh VTC' is running let me sell and add there, ohh Power' is running let me sell and add there. This in and out of the market will make you miss out on great run ups like the 30% run up we had today on BCH'. Yes crytpos run fast but we must have patience and allow for our investments to cycle through the spikes. This is critical! During times of solid consolidation, like we recently had (labeled in the lower green box) this is NOT the time to get bored and move to the next hot coin. It's time to add a little to our core position, or have cash ready to add on a breakout, and we certainly received one this morning.
We posted this chart over about a week ago with the consolidation channel. You know I love consolidation channels! Yesterday we got a breakout and after retesting the channel (throwback) we surged higher. A nice strong surge and we are now consolidating around the 1.618 extension of wave 2. It does not get any more text book then this. Now will we get a pullback? Likely as this is normal as traders sell the fibb level and late comers think ohhh no I'm going to lose my ASSets! But I do not think we get much of one and I will add around the $1500 level for the v wave to level 3! This is as textbook as it gets period. Especially since if we get a pullback to $1500 (wave iv) the 2.618 extension is right in line with the 2.618 extension of wave 2. When the stars align your ship is on course. Remember I mentioned wave 3's are the ones you want to be all in on. We complete wave 3 of the mid cycle, it would be highly probable we are in wave III' of the longer term. I want to be all in!
The market is telling us that BCH' is the real deal!! And this is a coin I will continue adding to the long term portfolio as we get pullbacks, consolidation and reach new levels. If you added a trade on the breakout, nothing wrong with taking some off the table. Nobody ever lost money taking a profit.
Even if BTC' does not pullback as expected BCH' could eventually challenge it for price! When Vitalik comes out and says BCH' is a contender, people listen. Forget the noise however, the market is telling us the story and giving us our direction!
In closing I want to wish everyone a Blessed Thanks Giving, even if you are not in the United States, may you have a blessed day and weekend!
Komen:
During my write up it actually broke through the 0.236 fibb sequence. I will be looking to add here!
Komen:
Well that was great timing, much evidence to support we just finished the fractal wave 3 and v. We fell just short of the $1800 level where we had the ideal extension area. Now if your trading this is not the time to try and time the market. Corrections are difficult to trade and it is unclear if we will just have an abc correction or will have a 333 correction WXY. If your looking to trade and or add to a position I would be patient to see if we fully correct to the $1400 level. $1400 is critical to hold in my opinion and I believe with the momentum we have it will.
Komen:
Update from last chart, we did have an 335 correction sequence (WXY) and it has consolidated into a nice channel which I will look to add a trade on a breakout. Very similar setup to the last consolidation breakout. Note the 14 RSI how it traded between 40 and 60 and then broke strong, then kept the momentum between 60-80. I'm looking for this same setup.
Komen:
Well we have our breakout and the chart is pretty nicely setup for a run to $2200-$2450. Keep in mind throwback happen and we could fall back into the channel where my stop loss is!
Komen:
One reason I do not stops is I trade out of consolidation. Had I used stops last night I would have been stopped out and now would have been looking to buy higher than I sold. As you gain experience you will start to see the same patterns happen over and over again. Here is a chart of LTC that is very similar to BCH right before it took off. Notice it retested the channel but then continued on. Throwbacks happen 63% of the time this is where new traders get nervous and sell out right before the run up. Now does BCH run up from here? I believe it does BUT there is no guarantee. You must assess your own risks and trade accordingly.
Komen:
