Due to the fact that Bitcoin once again failed to break 8k, there is a solid chance that it will start a retracement. IF BTC does in fact start this retracement, BCH may have a chance for a solid rebuttal!
Judging by the chart, BCH is attempting to cross the downward trendline that was formed from its previous high of $2800.
My plan of action: IF BCH succeeds in crossing this line, I will place my long for a quick scalp non the less. If we then form a new higher high above the 1224 price mark, I will likely stay in my position to see how this plays out.
IF BTC continues to rise, and BCH fails to gain momentum, I will stay out of this trade all together. IF you are able to short BCH, I wish you luck!
Note: trendlines were drawn off 15 minute intervals
DISCLAIMER: Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Dagangan aktif
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Komen
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Short term update on trendlines and support
Komen
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BCH update. Looks like we may break the current support, meaning a test off the major trednline around 1260-1280 is a possibility. We still have major support at $1220
Dagangan ditutup secara manual
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Broke the Major trendline. Will look for re-entry
Komen
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It appears we are about to test the $1220 support. Depending on what BTC does this could be a re-entry. Trade carefully and good luck!
Komen
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BCH looks primed and ready for a BTC dump! Watch for breaks!
Komen
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This is not guaranteed.. BTC is a massive Bull. It could easily send BCH into the abyss. IF the trendline above breaks, We will still need to break the trendline that crosses at the 1215 mark. Just trying to keep you all updated!