Long
BCHUSD 2 hour chart med term outlook
I have revised my long term outlook on BCHUSD. I no longer anticipate a new all time high for this rally. Generally after a spike rally like we just enjoyed there is a second attempt to make a top but it is rarely successful. My feeling that will will get close to the top but then sellers will come in and there will be a gradual deterioration of the price point over time and it will drift lower. There is still much upside left in this rally but we will trend sideways for the next 12 to 24 hours or so.
Bitcoin looks to be entering a blow off top phase of the third wave in this set. We have no idea where it will end here but the FOMO will be fairly severe. It can go to 9000 or 10000 or maybe even higher. One certainty though is when sellers do come in with volume it will fall as quickly as it rises. This will cause a disturbance in the force within the coin universe (lol...) and lead to a chain of corrections. (In my opinion.)
Bitcoin looks to be entering a blow off top phase of the third wave in this set. We have no idea where it will end here but the FOMO will be fairly severe. It can go to 9000 or 10000 or maybe even higher. One certainty though is when sellers do come in with volume it will fall as quickly as it rises. This will cause a disturbance in the force within the coin universe (lol...) and lead to a chain of corrections. (In my opinion.)
Note
And when I say drift lower I mean consolidate to the 1200 - 1500 range and not below 1200. Then we will see a gradual melt up again.
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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.