BCHUSD 1h between the zig and the zag. 1h Setup
Bitcoincash ended a sequence from 1,225.55 low in the form of a double correction truncated below equal leg area at 1,487.65.
The sequence from 1,574.37 high was a motive 5 waves move down, so I expect the same sequence from 1,487.65 to the downside.
Projection of equal leg area from current levels is 1,138.83-1,056.51 possibly 923.36 where buyers should appear for at least a 3 waves bounce or higher.
I don’t like selling at current levels and would position longs at equal leg area. Below 923.26, the correction could change in nature and would be rather out to assess the situation.
Invalidation level to the upside is 599.49
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 29/04/2018-05/05/2018, I propose BCHUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
The sequence from 1,574.37 high was a motive 5 waves move down, so I expect the same sequence from 1,487.65 to the downside.
Projection of equal leg area from current levels is 1,138.83-1,056.51 possibly 923.36 where buyers should appear for at least a 3 waves bounce or higher.
I don’t like selling at current levels and would position longs at equal leg area. Below 923.26, the correction could change in nature and would be rather out to assess the situation.
Invalidation level to the upside is 599.49
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 29/04/2018-05/05/2018, I propose BCHUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
