BCHUSD Can See One More Leg Lower, Before A Recovery – Elliott wave

Intermediate

BITCOIN CASH is moving sideways since March-April, exactly after we noticed a five-wave rally into a wave A/1 from the lows. After every five waves, we expect to see a three-wave a-b-c pullback in wave B/2, which seems to be still in progress. We are currently tracking a big bearish triangle formation in wave »b« that can send the price into a deeper correction within wave »c« of B/2 before we may see a continuation higher for wave C/3. If from any reason BCHUSD jumps straight into new highs, then we are also observing a big bullish triangle into a higher degree wave B, but this would be a corrective movement from the lows, which means that BCHUSD would then face limited gains for wave C.

BCHUSD, 4h

BCHUSD 4 hour

On the intra-day chart of BCHUSD we see price unfolding its five minor legs for a wave c of (e) of a bigger triangle in b. Resistance is at 245.0/255.0 zone.

BCHUSD, 1h

BCHUSD 1 Hour

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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