Entry: $2,106 - $2,462
Stop Loss: $1,766 (very unlikely this is hit)
Target 1: $3,833
Target 2: $6,036
Target 3: $7,360
Target 3 is only if we continue this top resistance line trend. But Target 2 is the most reasonable one out of the 2.
Chance to Gain: 163%
Chance to Lose: 22.37%
RR: 7.3 to 1
Time Frame: 1 to 2 Months
Very close eyes on Bitcoin Cash. I like it's positioning. I'm seeing some nice buy walls and it doesn't have much room to go lower. The question that stands is if it can break through this resistance line?
If it breaks through this resistance, then I think we can head upwards. In the past few weeks we've seen some of the big boys go back and forth between big gains. Litecoin, then Ripple, then Stella, then Cardanothen, then Ethereum, then NEO. I think the next one is this, and I've even removed some money from some of my other positions to create a larger allocation for BCC. Let the games begin.
Guys!! Are you seeing this?? I'm seeing the same pattern in MULTIPLE coins! I'll show you all what I see in Verge. THE SAME THING.
Here we have that FLAT, SHARP and Possibly FLAT alternation of the WXYXZ pattern. What happens in these next few days will be important. If Bitcoin cash crushes this resistance, then i think we can head away from whatever Bitcoin has in store. But if we fail to do so, then I think we can follow through with this correction. BCC is at $1500 right now and its below our critical support line. I can say this with a lot of confidence, that BCC is very likely to NOT close below that red line for this next day.
Notice the similarities in the pattern of the Stoch RSI on this chart. It appears that we still may have more correcting to do. So my target is that green line. If we close above it, I stay in. If we fail, then I look for my exit and re-entry.
Remember this is the daily chart. So these supports are "soft." The wicks can go far below these lines, but we shouldn't close over them. I'm expecting us to snap back up over night.
I will show Verge next, and I am seeing the exact SAME thing on the daily chart.
There it is guys. It's pushed back up above that line. We have this awesome reversal doji, and it's likely to give us a push to that first level of resistance. You all see the market rebounding now. People are buying in and its all falling in place for my evil plan...
I leveled out other lines of resistance, because I have the feeling that Bitcoin Cash will break our first one. But that doesn't mean I think this correction is over. Bitcoin will dictate where we go in the end. My guard is all the way up in this market. I'm going to stay away from any long-term positions in the short term. We'll see what happens here soon.
I kind of like Bitcoin Cash's positioning the most out of the coins in confluence with Bitcoin. I still think it has a lot more growth to see in this short term, however, it's been lagging behind the market. If it fails to reach some of my bull targets, I may reduce my allocation and move it to some of the more profitable coins.
Exact same scenario as Bitcoin, here for Bitcoin Cash. But I feel a bit more bullish on BCC, which may give BTC the light of the day. I think we hit this bullish target. The support line will tell us a lot in the next few hours.
Seeing some movements in Bitcoin Cash that are making me skeptical on the original wave count. Here is an alternate, that could take us higher, but also cause this correction to loom a bit longer.