🚀 Bitcoin Cash (BCHUSD): Triangle ④

24 août 2022

●● Preferred count
● BCHUSD,🕐TF: 1D

Fig.1

The assumption that the primary wave ④ could take the form of a large triangle was put forward as early as May 2021. Subwaves (A), (B) and (C) have been completed within the triangle, an ascending zigzag is expected within wave (D).

At the end of the triangle ④, a trading setup will open in a long-term long position.
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● BCHUSD,🕐TF: 8h

Fig.2

The first wave within the uptrend, marked ⓘ, took the form of a zigzag. This zigzag may be the first wave within the leading diagonal A of (D). I recommend waiting until the diagonal is fully formed, and then join the buyers at the end of the subsequent correction B.
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● BCHUSD,🕐TF: 30min.

Fig.3

Variant of counting waves within a thirty-minute chart.
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●● Alternative count
● BCHUSD

Fig.4

The alternative is a bearish triangle (X). In general, the count is consistent with the main scenario up to the top of the triangle (X), but it is worth remembering: in about 60% of cases, wave "B" of the narrowing triangle ends behind the beginning of wave A.

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