CRYPTO of the week: As long as it holds ... No shorts
As long as below 1,574.37 we should see another leg to the downside. From current levels, equal leg area is at 1,188.40-1,106.08. Beyond 972.83, situation would need to be reassessed as invalidation level to the upside is 599.49 (long way down).
I don't like selling here because price can go higher (corrective cycle ended truncated at 01/05/2018 low, or we may have a FLAT from 1,239.22 low and the only way to sell is a break below 1,225.55 to confirm the motive from 1,574.37 BUT then equal leg is very near so R:R ratio will not be good.
If we reach equal leg area from current levels, I would buy for at least a corrective 3 waves up or new highs.
Target to the upside will be indicated when correction is over from lower of 1,225.55 or 1,242.02
Invalidation to the upside is 599.49
Invalidation to the downside is 1,574.37
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 29/04/2018-05/05/2018, I propose BCHUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
I don't like selling here because price can go higher (corrective cycle ended truncated at 01/05/2018 low, or we may have a FLAT from 1,239.22 low and the only way to sell is a break below 1,225.55 to confirm the motive from 1,574.37 BUT then equal leg is very near so R:R ratio will not be good.
If we reach equal leg area from current levels, I would buy for at least a corrective 3 waves up or new highs.
Target to the upside will be indicated when correction is over from lower of 1,225.55 or 1,242.02
Invalidation to the upside is 599.49
Invalidation to the downside is 1,574.37
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 29/04/2018-05/05/2018, I propose BCHUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
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