BITFINEX:BCHBTC technicals and price level providing a great R/R setup for a long. Note, it's import to remember we're in a strong downtrend and we're knife catching with these long plays. Although the trade below has a high R/R setup, I'm entering with a smaller position size than I would normally with this type of setup.
Trade:
- Entry: 0.10978
- Target: 0.15
- Stop-Loss: 0.107
- R/R: 14.47
Technicals:
- BCH sitting on the long-term, diagonal support line which began in October, 2017. While it's not wise to trade diagonals alone, they definitely do hold weight when analyzing the crypto charts (examples can be found in almost all crypto markets). Also sitting on the .78 fib line from the recent surge.
- Bullish divergence on the daily chart and lower TF charts.
Note: This is chart is purely for entertainment and is not financial advice.
Trade:
- Entry: 0.10978
- Target: 0.15
- Stop-Loss: 0.107
- R/R: 14.47
Technicals:
- BCH sitting on the long-term, diagonal support line which began in October, 2017. While it's not wise to trade diagonals alone, they definitely do hold weight when analyzing the crypto charts (examples can be found in almost all crypto markets). Also sitting on the .78 fib line from the recent surge.
- Bullish divergence on the daily chart and lower TF charts.
Note: This is chart is purely for entertainment and is not financial advice.
Comment:
Trade stopped out. Will reevaluate once we see a clear trend reversal.