Bitcoin Cash (BCH): Five Waves Up
SUMMARY
Bitcoin Cash (BCH) has broken out of the very large downward symmetrical triangle and it certainly took it's time to make a deeply retraced correction. It was a complex WXYXZ type (blue) that took back profits from anyone who didn't take it. However, another rally is in progress and so the profit scenario returns. The below chart shows that the trend reversing breakout so far consists of waves 1,2,3,4 being complete and 5 with a bit more to go. But remember what is required after a five wave motive completes.
IF this count is correct, then once the 5th wave is placed, a minor correction is to be expected. While wave 5 might travel higher than expected, it wouldn't invalidate the need for a correction. The MACD still remains bullish but it too needs to accomodate for the price corrctions, as shown by the red arrow.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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Elliott Wave Counting Tutorial #1
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we are going to the moon I got big bags to unload @more than 100% pwofit........lol
Hi Haejin, I would be careful to be so bullish on the correction. Let me explain, if BTC is doing a running flat correction to the 12k zone (11.5-12.5) and then we head down for a Y, the alts most likely will do a 78.6%-88% retracement down just like they did from January. So I would paint a worst case scenario for your followers so they are not too hyped on bullish scenario. I see BCH going to about $1900 to finish Wave 5 but then may follow BTC down to a retracement into mid/end August where we could do another WXYZ correction for Wave 2 (of Wave 1) and we may see $800 BCH. Just wanted to let you know in case you would like to provide the Bear scenario for your followers so they can be prepared for the worst. Thanks for your TA.
I fully agree and posted a similar question with the ADA update. To quote a very wise man: “If BTC sneezes the entire cryptosphere is catching a cold”...!
A great post mr @haejin. I like and I will that tutorial.
Upvote and rsteemit Sir
Coins mentioned in post:
BCH is going up for sure!....:)...
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Yeah Bitcoin Cash (BCH) and Elastos (ELA) are showing great potential
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