### BCHUSD LONG
Looking at the BCHUSD 30-minute chart, I am considering a long position. The Elliott Wave analysis indicates that wave (5) of the downward sequence has completed, and the price is now entering a potential corrective phase upwards. We see wave (a) of this corrective phase unfolding, with waves (b) and (c) yet to complete.
The Fibonacci retracement levels suggest that wave (b) could reach key resistance levels around 333.75 (0.382 retracement), 335.33 (0.5 retracement), and 337.70 (0.618 retracement). These levels will be crucial in determining the strength of the upward corrective move and will provide potential targets for the long position.
Given this setup, I plan to enter a long trade, targeting these Fibonacci levels. My stop loss will be set below the recent low of wave (a) to manage risk. I'll be monitoring the price action closely to adjust my strategy if the market conditions change.
Looking at the BCHUSD 30-minute chart, I am considering a long position. The Elliott Wave analysis indicates that wave (5) of the downward sequence has completed, and the price is now entering a potential corrective phase upwards. We see wave (a) of this corrective phase unfolding, with waves (b) and (c) yet to complete.
The Fibonacci retracement levels suggest that wave (b) could reach key resistance levels around 333.75 (0.382 retracement), 335.33 (0.5 retracement), and 337.70 (0.618 retracement). These levels will be crucial in determining the strength of the upward corrective move and will provide potential targets for the long position.
Given this setup, I plan to enter a long trade, targeting these Fibonacci levels. My stop loss will be set below the recent low of wave (a) to manage risk. I'll be monitoring the price action closely to adjust my strategy if the market conditions change.
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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.