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BCHUSD H16: +50% gains BULLS THE BEST level TO BUY/HOLD(NEW) IMPORTANT NOTE: speculative setup. do your own due dill. use STOP LOSS. don't overleverage.
🔸 Summary and potential trade setup ::: BCHUSD 16hour/candle chart review ::: range locked price action ::: expecting pullback/correction soon ::: updated/revised outlook ::: setup still valid as of RIGHT NOW ::: chart is LOG SCALE ::: get ready to BUY LOW later ::: pullback/soon CORRECTION MODE ::: BUY LOW near 405 USD S/R level ::: entry - early October 2021 ::: for now expect PULLBACK/CORRECTION MODE ::: will last 1-2 weeks ::: up to 50% gains possible later ::: short-term pullback/correction ::: re-test of range lows is likely ::: before uptrend can resume later ::: SPECULATIVE SETUP ::: do your own due dill ::: and use proper risk management ::: TP bulls is +50% gains ::: details: see chart ::: FINAL TP is +50% gains USD ::: recommended strategy: BUY/HOLD after pullback ::: TP BULLS +50% gains 600/610 USD ::: SWING TRADE: BUY/HOLD IT ::: bull run not over yet ::: good luck traders! ::: BUY/HOLD and get paid. period. 🔸 Supply/Demand Zones ::: N/A ::: N/A 🔸 Other noteworthy technicals/fundies ::: TD9 /Combo update: N/A ::: Sentiment mid-term: BULLS/50% gains ::: Sentiment short-term: PULLBACK/MODE
RISK DISCLAIMER: Trading Crypto, Futures , Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Always limit your leverage and use tight stop loss.
Analysis: We're allowing for the possibility the recent wave 2 of (5) correction ended at 39656.42 earlier this last week. Confirming price action would ultimately come with BTC's ability to exceed 48791.96. A move above here would rule out a continuing correction in wave 2.
Bottom Line: Watching for evidence of a wave 2 bottom.
Outlook: It's possible to consider the wave 2 low in place at 39656.42. However, we'll want to see BTC exceeding the 48791.96 key level in a five-wave pattern to bolster the case. A larger double zigzag correction for wave 2 can't be ruled out unless BTC can exceed this key level.
Analysis: The current recovery is looking increasingly like a corrective retracement, which cautions us not to be too bullish until we see the corroborating price action. The Alternate double zigzag count for wave 2 remains very much under consideration unless we see stronger five-wave advances that aren't easily sold into. Pullbacks should also be corrective.