BCHZ18 Long and Short setup scenerios

Decent volume suggests some volatility is likely.

There is no trade yet but this analysis shows some plan. If I don't get the Long set up then I'll short.

Long setup plan: Clean break of D1 OB is likely at the moment. If this move takes out the prior high and breaks market structure then I'll enter on a pullback to the green rectangle.

Short setup plan: Rounded retest of D1 OB (red rectangle) would be the 1st test of resistance level hence high probability set up with juicy R:R.

Comment:

Short set up is the most likely scenario now.

Zooming in on lower timeframe (H1), BCH is already losing strength (see chart below) because of 2 reasons:
1) Bearish divergence (RSI is making lower high whilst price is making higher high)
2) Volume is decreasing whilst price is increasing

I might not even get my entry hence I will scale in a small position at the red dotted line before my planned entry (see chart below).

Trade closed: stop reached:

That's a crazy pump. Stopped out with 2.37% loss.

Better luck next time.

Comment: