Long
BCH ABC correction after wave 3, possible strong support area
BCH has completed 3 impulsive waves up and is now on it's 4th wave forming an ABC correction. The $510-520 range will provide excellent support to start the final 5th wave up for the following reasons:
1)$500 is 0.5 fibonacci retracement level from wave 3
2)wave C has gone past 1:1 fib extension of wave A meaning it will likely hit 1.618 extension at ~$517
3)if 5th wave of wave C will hit 1:1 fib extension the target would be ~$512
4)price action provides support between $510-520, marked with a green box
5) ichimoku cloud not visible on chart, but it marks support at ~530 level, usually we will get a wick slightly below
If this area provides support, we can expect further upside movement from BCH. Always wait for a confirmation before taking a trade.
1)$500 is 0.5 fibonacci retracement level from wave 3
2)wave C has gone past 1:1 fib extension of wave A meaning it will likely hit 1.618 extension at ~$517
3)if 5th wave of wave C will hit 1:1 fib extension the target would be ~$512
4)price action provides support between $510-520, marked with a green box
5) ichimoku cloud not visible on chart, but it marks support at ~530 level, usually we will get a wick slightly below
If this area provides support, we can expect further upside movement from BCH. Always wait for a confirmation before taking a trade.
Trade active
BCH bounced from 510.6Breaking the falling wedge resistance with good volume would confirm reversal.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.