We have had a very big retrace now but are showing support that should hold on the 15 minute chart and 1 hour chart which is basically the same moving average. Also we have reached close to the top of the previous wave which is generally a good indication of a completed retrace. No guarantees but this looks to be a good entry range to go long. If you bought in around the 470 range like I did and are still holding wait for the next rally and hold for the top of the rally. You will know the top by using your indicators at the bottom of my charts. Then you can decide to sell out at the rally top or if you see good volume come back we could potentially move back towards the daily high. However, my feeling is that this is an unlikely play now due to the action on bitcoin and Etherium drawing in traders. You must use your own decision here regarding the long on this coin. I have been in and out of this coin 4 times today but may take one more entry.
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Also after this big of a drop we will usually see a double bottom before the sustained rally higher.
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bought back in here but only one quarter position to start
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Cycle is topping
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landing at 437 on the 200 MA on 10 minute chart so I will add one more quarter position
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440 is the best i could get
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selling
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will look for a better entry that is either lower or higher but indicates bullishness
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doesn't look good
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Crashed last night from lack of sleep so I missed a rally. Please see chart below showing my anticipated buying areas.
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I had a feeling it would retest the older channel trend line bottom and reconnect with the 200 MA support line. No biggie. I added some more. Hoping to see some really good divergence on the Stochastic RSI which would indicate a strong move up.
Thanks a lot. May I ask for the exit point indication?
graham.edwards84
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@Farrokh.ansari.1977, there are two channels forming so I would be looking at those channel tops for an indication and also closely watching my chart indicators stochastic RSI and BB% and MACD for some direction on the 8 min 15 min charts. The steeper channel would be more bullish. So depending on which channel the low falls into would also be a consideration.
CryptoCyberpunk
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41 minutes ago
Comment: doesn't look good what do u mean by this ? Do u think bull run will continue soon ? Looks stuck at 247-252 in the last hour
CryptoCyberpunk
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@MiljanMarkovic, 447-452*
imkeshav
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"You will know the top by using your indicators at the bottom of my charts" can you help me understand this. Appreciate your kindness!
graham.edwards84
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@imkeshav, the indicators are both at the bottom of the range. It is difficult to provide a full explanation here but you can research through Investopedia on line. The simplest is the RSI or relative strength index showing over bought and over sold conditions.
graham.edwards84
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@graham.edwards84, Stochastic RSI is more rhythmic and the Bollinger Bands show a percentage of deviation from mean.
imkeshav
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@graham.edwards84, Thank you for pointing me in a direction. I will read that. I'm learning a lot from you guys
graham.edwards84
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@imkeshav, yes of course. It is a game of percentage wins only and this is why preservation of capital is most important of all. Live to fight another battle. At best I am 60 to 70% making good calls. Three steps forward and two back... this is the normal path for me but I'm a new trader also. Only 1 year at it myself. There are many better more experienced traders on this site. Look to the top traders and follow but make your own judgement calls because even they can be often wrong on calls or incorrect on wave counts.
imkeshav
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@graham.edwards84, I'm reading everything that comes into my view and I've learned a lot from the top guys here. Just last I was heavily invested in BTC and @goldbug1 posts helped me to cash out 2/3rd and 1/3rd into BCH when BTC reach 6.1k. Later I moved that cash into BCH as well in 300s. All of you are doing an enormous service to us newbies with your charts and detailed comments. Thank you again!
BTW another pro @RAKIM here pointed me to this list of top BCH holders and there 30 million dollar single purchase (and not sold yet) yesterday by someone when the price was above 450. If I'm interpreting this correctly a large whale is also betting on the price to go significantly.
bitinfocharts.com/top-100-richest-bitcoin cash-addresses.html
You can see other large purchases in October as well all purchased when price was below $350