BCCBTC - Reversion to the Mean Trade

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BCC has had an extreme move to the downside with bitcoin making new highs, and it is finally starting to show some exhaustion. The daily chart is showing a bounce into and out of the MA cloud indicating a bullish trend continuation. Momentum appears to be slowing down on the 4H chart with a doji HA candlestick forming and indicating price could potentially change direction. I will be waiting for the next candle to open and indicate a strong momentum to the upside before entering positions. Heavily oversold weighted RSI is also a good indication price could swing to the upside and attempt to touch the MA cloud or possibly the 50% fib area.

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تم فتح الصفقة

positions opened on strong momentum to upside.

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Price progressing through MA cloud:

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تم إغلاق الصفقة يدويًا

+10% Closing trade Manually since strong momentum did not continue through the 4H MA cloud and a Doji apears to be forming under the cloud. I will be watching the next 4H candle for momentum before deciding if I reopen positions, price could go either way.

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ملاحظة

I will revisit bcash after btc makes its new gains.

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ملاحظة

A second doji candle is forming within the range of the first one, creating what I like to call a white doji. This is usually indicative that a big price move is coming.

I'll be watching the next 4H candle for momentum and direction.

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For reference, I'm marking the other white doji candles on the 4H chart:

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Opening up some positions with the good looking 4H candle with bullish momentum:

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Moving as expected. Non Heiken Ashi chart for comparison:

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ملاحظة

Another white doji is forming after a small bull run.

I will be looking to close positions on this candle and wait for the open of the next candle to determine next trend direction.

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+15%. Closing positions on the close of this candle and will look at opening new positions depending on how price moves.

Total profit so far +25%.