BCHUSD 16H: Distribution / BEST level to SHORT IT! (SL/TP)(NEW)

Jul 10, 2020

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BCHUSD 16H: Distribution / BEST level to SHORT IT! (SL/TP)(NEW)
IMPORTANT NOTE: speculative setup. do your own
due dill. use STOP LOSS. don't overleverage.
Tagged as LONG because I expect more upside before
25%+ correction from overhead resistance.

🔸 Summary and potential trade setup
::: BCHUSD 16hour chart review and outlook
::: distribution in progress now
::: we are topped out now
::: leads to 30% correction
::: marginal upside from here possible
::: to re-test 266 USD resistance
::: strategy: STAY OUT / SHORT IT from 266 USD
::: TP BEARS is 200 USD later
::: expecting correction to kickstart soon
::: probably next week
::: BUY/HOLD traders wait for better price
::: to reload later in August 2020.
::: good luck traders
🔸 Supply/Demand Zones
::: supply/demand: N/A
🔸 Other noteworthy technicals/fundies
::: TD9/Combo update: N/A
::: Sentiment short-term: BULLS
::: Sentiment outlook mid-term: BEARISH