Bitcoin Cash BCH January 12 Consolidation then Future Explosion - Longer Term Target - $4,365 to $5,495

BCH rips through consolidation phase and the 2-3ks in fashion, taken a fraction of a time BTC took during this market phase.

Good morning everyone.

We've had a great year with BCH and especially predicting it, with my target of hitting $2,800 and then correcting to $850. Where we hit $2,799 and $851 respectively.

There are many ways to chart BCH with Elliot wave.. One way is this and gives a healthy retracement above 0.618 retracement.

A second way to chart it would be this way, where wave 5 is still in place to take occur. I'm aware that wave 4 territory overlaps by wave 1's by only a wick, which is an acceptable guideline on a daily chart in my practice.

Regardless of the case, we sit in a consolidation pattern with signs of bullish divergence waiting to occur. As for targets, these are for long term targets. once we've official began a impulse motive wave up. Therefore don't be mistakened for a corrective waves.

T1 4365
T2 4896
T3 5495

Now we currently sit in a solidation pattern that's itching for a breaking to targets averaging between a combination of 1.618 fib extension of wave 1 and of wave 3's 0.786.

Always be cautious, take high probability trades, plan entries and exits, stick to high reward low risk R:R setups. Good luck traders

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I'm not a financial adviser, nor am I giving you any tips on when to buy, sell, etc. I'm simply stating my opinions and what I personally look for. Those that follow my trades blindly and don't understand risk management, will always lose over time. I manage risk differently. Not all trades are winners. We manage our risk with stop losses and win over time. Even if we've entered at a similar price, I can micro manage my risk, by shedding, adding, reducing, etc, but those calls aren't made. Therefore despite entering near the same price, I may come out well ahead while you may take a loss, even if we exit at the same price when the market goes against my call. Remember, I always profit OVER TIME, and am not focused on winning every single trade. As long as we win more than we lose over time. I want to be very clear so you understand the outcomes will always be different even if we take the same trade. I MANAGE RISK and see this game as a probability. Therefore, be forewarned.