Hi guys:
In a day chart since Aug 18 the BCHBTC priceline is moving within a wedge and it has touched the top of wedge 3 times and now it is moving sideways at the bottom of wedge, before going for top every time MACD gives a bullish signal and afterwards stochastic and the priceline touches the top together.
Now the situation is bit changed coz every time the RSI is going in oversold zone but this time we can see the candles are in the bottom but RSI did not move to oversold zone and still has some cushion to move down in this situation if the RSI goes down then there are much chances that the priceline will move sideways because the priceline is already in bottom and breaking the bottom seems to be not possible coz the trading volume in this area is too low which shows less interest of traders below this area, moreover RSI is making higher lows therefore there are less chances for RSI to move in oversold zone from here.
Upward movement is confirmed (Insha Allah) but whether this time it will touch the top of wedge or not it all depends on MACD whether it will give a weak signal or strong.
Here we can use the volume profile's visible range the best tool for measuring the trader's area of interest and it shows the last area of interest is exact at the top
of the wede. so this is the best time to buy.
Best of luck and regards,
Atif Akbar (Moon333)
In a day chart since Aug 18 the BCHBTC priceline is moving within a wedge and it has touched the top of wedge 3 times and now it is moving sideways at the bottom of wedge, before going for top every time MACD gives a bullish signal and afterwards stochastic and the priceline touches the top together.
Now the situation is bit changed coz every time the RSI is going in oversold zone but this time we can see the candles are in the bottom but RSI did not move to oversold zone and still has some cushion to move down in this situation if the RSI goes down then there are much chances that the priceline will move sideways because the priceline is already in bottom and breaking the bottom seems to be not possible coz the trading volume in this area is too low which shows less interest of traders below this area, moreover RSI is making higher lows therefore there are less chances for RSI to move in oversold zone from here.
Upward movement is confirmed (Insha Allah) but whether this time it will touch the top of wedge or not it all depends on MACD whether it will give a weak signal or strong.
Here we can use the volume profile's visible range the best tool for measuring the trader's area of interest and it shows the last area of interest is exact at the top
of the wede. so this is the best time to buy.
Best of luck and regards,
Atif Akbar (Moon333)
Trade closed: target reached:
26.27 percent profit sofar better to take exit coz rsi and stochastic both are in overbought zones in day chart