Bitcoin Cash Defies Immediate Downside Setup! But is the Low Really Behind Us?!

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:
Short-Term:
Long-Term:

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!

Buy Strategy:
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).

Check out the Next BCH Update here:

View the Previous BCH Update here:

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.

#bitcoincash #bitcoin #cryptocurrency #bitcoinmining #bitcoinnews

8 gedachten over “Bitcoin Cash Defies Immediate Downside Setup! But is the Low Really Behind Us?!”

  1. What do you think BITCOIN and BITCOIN CASH price will look like throughout 2022-2023? I want to accumulate as many BCH as I can until the end of 2023.

    Do you will think BCH will trade between $100-250 throughout 2023?

    Thank you, brother! My goal is to hold at least 200 BCH.

  2. The amount of verified information you bring is tremendous.. <This for me is the best case scenario on bitcoin due to the rejection and 3 wave confirmation. We either drop to new lows from here, or we complete the C wave flat then pump once more. Just as us bulls fought the trend for the past few weeks, I think bears about to deny or refuse any more upside I think institutions tried to stack BTC from $30k but had to rebuild the bid walls at $25k due to the unexpected LFG selling. <Macro factors are demanding further downside, as the impact of inflation and geopolitical strife is clearly felt on equities markets. Until BTC reclaims the key moving averages these are considered distribution rallies used to sell the rip or add to short positions…But whatever you lose in a macro downtrend, you'll gain multiples back in a macro uptrend. All you have to do is pay attention to the markets when they are ultra bearish. <Meanwhile tradiing bitcoin options provide excellent opportunities for investors aiming to maximize gains while limiting their losses. Using multiple call(buy) options Burwell Coleman create a strategy capable of returns six times higher than the potential loss these can be used in bullish and bearish circumstances, depending on the investors expectations thanks to him I've earn 8' btc! in crypto tradng. <There might be so many investments out there but if profits must be considered, which is actually the sole aim of every Investment then I’ll advice you to go into crypto tradiing because it has higher profit returns

  3. Although< I have interests in global economics I don't watch the news anymore… I have enough FUD. Thanks for this news and offering your insight on how to navigate during unfortunate times/events like this. You're right about keeping level headed when investing so that's why I think it's important to limit the amount of FUD we consume. I don't watch the media but the news that you present has enough to know issues going on without riding the emotional rollercoaster if I were to watch the news everyday. Now I buy and just trade long term more than ever, I have made over 17` btc from day trading with Joe Schmitt Signal in few weeks, this is one of the best medium to backup your assets incase it goes bearish…. For crypto related issues Joe Schmitt can be reached on ͲeIєɠɾαm👉Schmittsignal.

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