RE: BITCOIN CASH (BCH) Price Pathway Discovery: Caution is Needed
BCH is not a coin for the faint of heart! What a rollercoaster.
Regardless of which way the triangle breaks (odds are it breaks down unfortunately, but we'll see) this will probably be the last time I trade this coin for a long time, if not ever. :)
I really appreciated your comments about making excuses to keep a pattern or trend valid btw. We should always try and keep both potential outcomes (breakout vs breakdown) in mind and have a plan!
Should BCH break down, I'll have lost a bit of money, but come out ok since I adhere to the rule of NEVER going all in, in a single trade. You can't win them all, right?
One major positive surrounding this coin though. The volume on the Korean exchanges has been through the roof. The last time I saw this kind of volume increase on the Korean exchanges was during some major pumps in August. Basically, all the coins on Bithumb got pumped up significantly. XRP, LTC, XMR, BCH, etc. I don't know if it'll happen again, but right now what I'm seeing is BCH hit the floor, bounced up and did a small impulse wave up, and is currently in a minor wave 2 correction. Which means wave 3 should (hopefully) breach that resistance line keeping us down. Fingers crossed, and thanks for another great post!
I see you had a loss on BCH. I"m still in it and have few more lower rungs. I shared the details of my ladder with Cryptopassion. BCH is at 88.6% retracement, this is the next fibo point after 78.6%.
I could be stopped out. I have less than 3% to this trade. And yes, I do have losing trades at times. My earlier Bitcoin was 10% of portfolio value trade. It has turned a very good profit. My trade on eBTC was 37% in less than two days. I also have a larger number of winning trades.
I always try to see if I fall in the myopia trap. It's hard to tell at times. This type of drawn out ladder rungs can test anyone's patience. It can be mortifying for some.
Though, once Bitcoin turns trend from up to DOWN, I will consider selling almost all my positions. This is because sitting through a wave C down to almost $2,000 is unnecessary.
Let's see what happens.
Also, for the record, I actually entered my position into BCH before I saw your blog posts on it.
You have a crazy good win/loss ratio and in my original comment, I was not trying to imply any blame or anger, I apologize if I came across that way. I've learned a lot from following your work and greatly appreciate it.
I appreciate all feedback!
I wish you MASSIVE profits!
Kind Regards
It's still an unrealized loss at this point, I'm willing to ride this out a bit longer since I feel like I have nothing to lose now. This feels eerily familiar to August before the insane breakout BCH had.
I'm also going to be keeping a close eye on BTC, if the wave C down does start to occur I might have to just eat my losses on my other trades and wait out the storm.
Are you in BCH? It's doing the rise, finally.