Bitcoin Cash broke out of it’s rising wedge on December 19th after Coinable announced it would host Bitcoin Cash on their GDAX Exchange.
We saw an extraordinary rise to 4000 here on Poloniex.
The last two days, along with the entire crash of the market, we are retesting the upper trend line of that wedge around 2200.
If we can hold here, and put in a bottom, then we should see higher prices. Volume on this fall has been less than the volume on the way up, so that’s a good sign that selling is contained to some extent.
If we break below back into the price range of the wedge, then we will hit the next support levels at around 1800 (former break out level).
If we drop lower than 1800, next stop is 1100, which was the former support and consolidation range throughout November.
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Please message me with your questions or thoughts.
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
We saw an extraordinary rise to 4000 here on Poloniex.
The last two days, along with the entire crash of the market, we are retesting the upper trend line of that wedge around 2200.
If we can hold here, and put in a bottom, then we should see higher prices. Volume on this fall has been less than the volume on the way up, so that’s a good sign that selling is contained to some extent.
If we break below back into the price range of the wedge, then we will hit the next support levels at around 1800 (former break out level).
If we drop lower than 1800, next stop is 1100, which was the former support and consolidation range throughout November.
//
Please message me with your questions or thoughts.
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
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Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591