A potential bullish iSHS pattern is forming BCH. The waves fit beautifully to this expected pattern.
We have an overlap of wave 1 and 4, which is not allowed in most waves. But in a wave 1 it is allowed. It is called leading diagonal triangle.
Here you can see this pattern in a bigger scaled chart. The wave 2 correction should be over today or tomorrow. Will we see a buying frenzy in BCH on monday/tuesday again?
The waves suggest that unless green wave 1 turns out to be wave X2, this is the most likely projection.
Here is the bearish triple correction case (triples are rare, but it would not even be too bad in this case.)
The outcome is likely the same (just with a little detour to 700$ before the explosion in value).
But now that I pointed out the worst case scenario, what would be the best case scenario? I have a chart for that too. Here it is:
I have 4 buy rungs set all the way down to 700$... and have some leftovers of BCH that I bought around 1150$ and 1280$...
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If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions.
If you make any trades or investments after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Please consider leaving a comment, like or resteem, if this post entertained you or helped you see things differently...
Have a nice day :-)
This is the BCH/ dollar pair so there is scope for BTC to rise at the same time? Or do you think BTC will drop as BCH rises?
BTC is not looking bearish. I think they will be able to rise at the same time soon and start a race for first place. This will be evident once you see BTC+7% and BCH +10% in one day... haejin calls it phasic relationship, but this still needs confirmation, beacuse the last months it was always nonphasic with only few exceptions.
let's all ladder in! :) I had called this inverted h&s yesterday on my blog...! Spot-on right?!
Not sure about what minute maid is talking about lol, but I'll heed your lead. 😎
A group of miners created the volatile cryptocurrency - bitcoin cash (BCH) - after ‘forking’ off from the main bitcoin blockchain on Wednesday.
The unprecedented fork in bitcoin's existing software and transaction history gave bitcoin users ‘free money’ in the form of BCH tokens.
The price of Bitcoin cash surged above $750 dollars before falling and rising again on the first full day of trading, according to CoinMarketCap
Thank you, what is the best platform for scheduling?
I don't know what the best platform is, but I use bittrex.
img credz: pixabay.com
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