Bitcoin Cash BCH long medium-term trade #22

١٧ أكتوبر ٢٠٢٣

Yesterday, the BCHUSDT price behaved quite well during the "circuses" that were organized using trigger words: "ETF" "BlackRock" "SEC"...
This manipulation "deleted" many shorts positions... but gave two points for reflection:
- there is strong demand for growth. The slightest trigger in the form of a tweet and the price of BTC is ready to push up +7.5% in 15 minutes, the last time it seems to have happened in 2017.
- What if, yesterday, many shorts' stop orders were deliberately knocked down to make it easier to fall without "extra passengers"? (There have always been paid-for articles or "accidental mistakes" in publications on the crypto market - it's a matter of price and benefit.)
Write in the comments what do you think happened yesterday and what will happen next?

Nevertheless, we are here to trade and make money on it. Therefore, we bring to your attention the conditions on which we are ready to enter the medium-term BCHUSD trade

• Entry: in the range of $177.6-189.6 (the desired average price is $183.6)
  
• Stop: $165.4 (-9.9%)
  
• Take profit: $305.60 (+65.45%)
  
• P/L ratio: 6.7/1
  

For now, we are taking a more pessimistic scenario as a basis, a price correction of -20% from the current one. Since it is not yet clear whether yesterday's manipulative events have finally worked on the price and what the final goal of the manipulation was.
However, if the BCH price corrects relatively smoothly and slows down around $201 (-12%), then this is also a reasonable and convenient point to enter long.
We will closely monitor the movement of the Bitcoin Cash price and, if necessary, update the idea and the trade to adjust to the market situation.

Therefore, if you are interested in the BCHUSDT trade, please like, comment, and subscribe to us, and Tradingview will send you a notification when the idea is updated.