DrJLT

BCHUSD no reversal pattern yet bottom uncertain

BITFINEX:BCHUSD   Bitcoin Cash / Dollar
After a rally, BCH has turned its head downwards. I myself was unduly excited about its potentials and had to take a huge haircut on exit. We shouldn't trade on emotions. Mistakes are normal, and when the interests of big miners are involved we're at an information disadvantage.

On the chart, we see that monthly EMA has provided some support. However, just like the upward trend line (thick green), it's not necessarily unbreakable. Before a bottom reversal pattern is developed on a longer time frame, it's prudent to consider a range of scenarios:

The best being an inversed H&S . However, it's still my belief that BTC             will hit 14k             and then continue crashing (lower highs & lower lows). This would lead to the worst-case scenarios as on the chart.

I must admit that I've been waiting for today's pump to sell but sold earlier because I don't want to carry BCH into 1/1 when more exchanges may release BCH to their customers.

Also check out my website: http://www.jlteng.com

Btw, on the BCHBTC             chart (see link below) the second hump on the line I drew is intentional.
Komen: Completely unexpected, but BCH seems to be heading for the best-case scenario. After tonight, we'll see for sure. If bullish, 5k is in target.
yah short now and wait for your bottom to come.
Balas
tceternal tceternal
@tceternal, ops sorry wrong post, please ignore me
Balas
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