BCH - 4hr Analysis

1 ม.ค. 2019

This one really makes me sore! I didn't cover BCH but was watching it closely. We all know the drama it went thru and the significant drop in price as a result. But when it hit the $70 level that was enough to consider an entry point. For a time it decoupled from BTC and began trading uncorrelated -- free from BTC! Now we seem to be correlated to the big dog again and the chart demonstrates 2 main Trendlines; Primary and a Secondary Trend. The primary is Bearish and the Secondary follows suit. It appears they may be some more downside risk. When considering making an entry into this token (coin, crypto, or whatever you call it), I suggest waiting until the trendlines confirm the trend or are breached and began acting as resistance. Please note that time plays a critical role in charting and TA, so this analysis covers the 4-hr period only. This is a short-term TA.

Outlook: Neutral to Bearish
Long-term: Neutral - I believe this token/coin wants to see $200, but I am now wary that it would be a short trap if it did get that high or higher, so trade with discipline and take your profits when you can. You do not want to be sitting on these cryptos, underwater, hoping you will get your money back. Get in and get out and try to hold as many as you can for free, in other words, leave the profits in the crypto so you're never out-of-the-game!

Good Luck,

Biff

3 ม.ค. 2019

บันทึก

The Primary Trendline was broken to the downside. I cannot say the Primary Trend was a solid trend because you need a minimum of 3 points (touches) in order to consider(confirm) a trend. Obviously, 3 or more touches just continues to confirm the trend. The outlook for BCH is Neutral with high probability we trade "Sideways" from here for a time.