I have been unable to post in a while for a variety of reasons, but I am slowly re-gaining my balance, and will likely be posting more often again soon.
Bitcoin, and Bitcoin Cash, remain the two most interesting coins to watch and trade, imho.BCH
Bitcoin Cash remains an exciting trade. That first arc was brutal. Every time pricetime tried to escape it’s orbit it was beaten back viciously. I for one was not anticipating the tenacity of the bears. The correction was severe, but it is most decidedly over. The bulls have returned with a vengeance and will drive the price to a new ATH relatively soon, I believe.
The 1st arc pair (red) stopped price briefly, but that arc quickly surrendered and price is testing the 1×2 line for support at this writing. Next resistance is at the top of square at ~ 800, and the 2nd arc pair will likely be hit in the $1000 range. In my opinion, that arc pair will see some selling, but will surrender as well, in short order. We will see..
Bitcoin has been unbelievably resilient. It has rallied almost non-stop from 3000 to 7400! This was a monster rally of epic proportions. But even bitcoin cannot and will not go up forever without a correction. I note that on the shorter term (smaller) setup, price is at a 5th arc. On the longer-term setup price is just a few candles from hitting the end of setup (highlighted in yellow to make it easier to see).
If you are long here, you did great! IMHO, YOU MIGHT WANT TO TAKE A BIT OFF THE TABLE HERE THOUGH…
ETH has been relatively unimpressive of late, moving sideways for the past several months. I note that it has recently cleared a 4th arc pair. That might, perhaps, be a bullish indicator. There is an energy point approaching (red vertical line). If price starts moving up there, a long trade opportunity might present itself.
Remember: The author is a trader who is subject to all manner of error in judgment. Do your own research, and be prepared to take full responsibility for your own trades.
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