Short
$BCH - Bears have the 0.382 stronghold. Tug-Of-War
We are done with the 5 Elliott Waves up and ABC correction follows them. We now appear to be in the "c" wave after "b" has been rejected again at 0.382 Fib level again (Red box).
Bulls had this support initially but once the Bears overran their position, they are using it create resistance . Bulls tried to take back this position, but 2 of their attempts failed. I'm guessing Bulls are exhausted now and the Bears are taking advantage of this and are attacking now.
Bulls will try to defend their positions using the supports between 0.5 Fib ($529) and 0.618 ($502). Traditionally, 0.618 acts as excellent support and pushing till there would mean Bears supplies are running thin, giving a chance for the Bulls to counter-attack and recover lost ground and push onward to $700-$800
Hope you liked this tug-of-war narrative
Stay Safe!
Bulls had this support initially but once the Bears overran their position, they are using it create resistance . Bulls tried to take back this position, but 2 of their attempts failed. I'm guessing Bulls are exhausted now and the Bears are taking advantage of this and are attacking now.
Bulls will try to defend their positions using the supports between 0.5 Fib ($529) and 0.618 ($502). Traditionally, 0.618 acts as excellent support and pushing till there would mean Bears supplies are running thin, giving a chance for the Bulls to counter-attack and recover lost ground and push onward to $700-$800
Hope you liked this tug-of-war narrative
Stay Safe!
Note
Higher time-frame
Note
Trade closed: target reached
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Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
Related publications
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.