As you can see from the chart the 4-Hr has developed a rounded bottom. In a perfect world, we can predict future price action to go higher by doubling the width of the semi-circle for a short-term price prediction of around $147.xx. And, of course, we could just trade right thru the semi-circle for more consolidation! In this crypto game, anything is possible, and no one can predict how low we will go on BCH if BTC decides it wants to make a hard move lower and the other alt-coins follow suit. I have included a reasonable stop-loss area for consideration if you're thinking about entering a trade at these levels. I am not entering a trade at these levels. I got in BCH a bit after the run and was got out during the retracement for a small loss.
Outlook: Neutral. There is no defined trend on the 4-Hr other than a fully formed rounded bottom. Anything could cause the price action to just collapse to the .786 Fib level ($115.53) and possibly lower. The downward solid yellow trend is a reference as it takes 3 defined points to confirm a trend. If you notice in my analysis above if price and time play out as statistically predicted the price runs right into the downward leg of the solid trendline. I AM NOT A BUYER. Volatility is shrinking and we could explode in either direction; take profits if you can on the way up keeping a little on the table for growth potential. Please note price and time are correlated to the 4-hour timeframe and only forward-looking a few days. A daily or weekly analysis is better for long term trading, but we are trying to swing trade this dog with short term goals of %20+ profits in a few weeks time.
Best,
Biff
Outlook: Neutral. There is no defined trend on the 4-Hr other than a fully formed rounded bottom. Anything could cause the price action to just collapse to the .786 Fib level ($115.53) and possibly lower. The downward solid yellow trend is a reference as it takes 3 defined points to confirm a trend. If you notice in my analysis above if price and time play out as statistically predicted the price runs right into the downward leg of the solid trendline. I AM NOT A BUYER. Volatility is shrinking and we could explode in either direction; take profits if you can on the way up keeping a little on the table for growth potential. Please note price and time are correlated to the 4-hour timeframe and only forward-looking a few days. A daily or weekly analysis is better for long term trading, but we are trying to swing trade this dog with short term goals of %20+ profits in a few weeks time.
Best,
Biff
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.