BCH primed to continue upswing?
I believe BCH is fueling up for its next big move.
1) It looks like the correction is now over and BCH is forming a nice bullish triangle on the one hour chart.
2) On the 2 hour chart I've marked 5 waves down, completing an ABC correction after 5 waves up.
3) On the 4 hour chart I've mark a longer term possible upswing to resume the bull trend.
4) MAs are also starting to tighten up on the 4 hour chart and that's usually a good sign for a pop.
I'm already in BCH, and will be holding for a while as I think BCH is really just getting started. Since it looks like it has only completed the first major impulse wave up, we have 2 more if my counts are right.
We might see a small dip back down to around .077 again just to test support, and even if we dip back down a bit that could simply be the C leg of an ABC correction and I'd have to adjust my counts. But a lot of things are lining up to confirm a continuation of the bull trend.
Bullish Symmetricals point downards. A horizontal symmetrical triangle is more neutral.
Can you label the waves inside a triangle? To do this, try 1 hr chart for more clearer waves.
Looks like blue iii is higher than the blue v? V needs to be taller.
Can you come up with an alternate count? Consider if the abc is still not yet maybe complete. What would an alternate count look like to take that into consideration?
MA's are good but makes the chart too busy for me. That's why I use MACD.
Thank you for the feedback! I've been doing some re-counts, especially with the sudden market moves today and it indeed looked like the ABC correction was not yet completed at the time of my post, though I'd say that after today's sudden and SHARP drop it has probably been completed at this point.
I tried labeling the waves in the triangle and they seemed to fit an ABCDE pattern, but I could have been wrong on that... though the candles did break up out of the triangle which I thought was a confirmation of the bullish trend, but then we got the sudden plummet today so I'm just getting conflicting indicators maybe.
My label positions might be a bit off but blue V was definitely taller than iii, but just by a hair...
In any case, thanks again for the feedback Haejin. I'll keep practicing and will consider sharing some more charts in the future!
Practice makes near perfect!
I'm still practicing.
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