laatste update: 06-2022
Bitcoin Cash (BCHUSD) has broken its 260-support, which means that BCH is in the fast lane down to the 180-range to complete this correction that started back in the fall. That does NOT mean that the bull market is dead for cryptos and that you should panic-sell! I see this is a discount-sale opportunity to BTFD!
Link to Bitcoin Cash Charts in TradingView:
RED Primary Pattern
We have struck our target region for the crash pullback, so this RED primary pattern sees the correction as being complete. We need to see more bullish action to keep this pattern alive. However, breaking the 170.62 support dramatically increases the likelihood for ORANGE.
ORANGE Alt Pattern
Breaking support could give us a lower low in BCH. This pattern becomes primary once 170.62 and 150 are broken and could take us down to the low 130’s or even 105. I see 74 as a very unlikely worst-case scenario. Expect a powerful rebound if this pattern does follow-through.
The More Bearish Alternative
There is a chance the crypto sector takes a turn for the worst and gives us a much bigger correction. EOS has already broken major support and DASH got uncomfortably close to doing so. If that is the case, BCH could have a lot more downside ahead but not without more of a warning first!
I personally unloaded 50% of my holdings about 2 weeks ago but bought back in the morning after the crash low. Panic-selling is rarely a good idea and especially not with the upside that will likely follow this flush. We are so close to the bottom that it is actually quite dangerous to sell now. Get your buying plans ready if you are looking to buy back in or simply to add more holdings! I expect to buy once we hit that lower-low OR we see a 5-wave impulse up followed by a 3-wave correction (a 1-2 setup).
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I use Elliott Wave analysis to project price levels for different assets and asset classes. EW is a form a technical analysis that is absolutely NOT based on fundamentals. Please be aware that this video is not intended to act as financial advice. I am not a trained or certified financial professional. You may invest based on a strategy tailored to your own skill and risk-tolerance levels.
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