After its explosive leg to $2800, BCH made an equaly explosive ABC correction to $865 (.236). From that low a new wave cycle started, which is now in Wave (iii).
This wave should complete at 2185 - 2.618 of (i), beginning (iv) with a target at 1800. (v) has a target between $3180 and $4000.
I have noticed a tendency for BCH to like 6.236 extensions, much like BTC likes 4.236. This makes 3900-4000 a likely upper ceiling as the 6.236 of (i) is in that area, as well as 2.618 of (iii).
More generally about Elliott Waves: the climb to 950 is not to be regarded as wave I, since the retrace from 2800 intruded into the range of wave I - something wave IVs do not do.
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T1: 2185
T2: 3180
T3: 3900
SL: 1500
This is a personal idea and should be taken as such, it is not trading advice. If you would like to trade BCH, please do your due dilligence as it's one of the most volatile coins out there.
Happy trading!
This wave should complete at 2185 - 2.618 of (i), beginning (iv) with a target at 1800. (v) has a target between $3180 and $4000.
I have noticed a tendency for BCH to like 6.236 extensions, much like BTC likes 4.236. This makes 3900-4000 a likely upper ceiling as the 6.236 of (i) is in that area, as well as 2.618 of (iii).
More generally about Elliott Waves: the climb to 950 is not to be regarded as wave I, since the retrace from 2800 intruded into the range of wave I - something wave IVs do not do.
_____________________________________________________________________________________________________________________________
T1: 2185
T2: 3180
T3: 3900
SL: 1500
This is a personal idea and should be taken as such, it is not trading advice. If you would like to trade BCH, please do your due dilligence as it's one of the most volatile coins out there.
Happy trading!
Operación activa:
Completing an Adam & Eve bottom at the moment, Stoch RSI showing pressure building.
