SUMMARY
Hmm, is the bottom in for Bitcoin Cash (BCH)? The below chart of BCH/USD shows a detailed Elliott Wave count with corrective triangle chart pattern. The a,b,c correction seems complete, especially since five blue subwaves are identifiable for the c wave down!
I've now added the forward discernment and thus identified the first impulse wave up (purple circled). If this is correct, then the current price just broke out of an a,b,c,d,e triangel and a full impulse could be completed.
Below is the BCH/USD pair and it has uncanny similiarity to the BCH/USD pair!
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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Tutorial on the use of Fibonacci & Elliott Waves
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Hi @haejin thank you for this amazing analysis.
My only concern is about the BCH behavior which is now negatively mirrored from BTC. When BTC goes up BCH goes down and vice versa.
So what do you think about it. It may interfere on this analysis?
I'll address this in tonight's update for Bitcoin. Coins can go phasic or nonphasic and back and forth. This means there are no reals why sentiment can't have BTC and BCH both go up for a while.
Yeah, the whole BTC down and BCH up thing was a current event, and now I think they can both climb together.
I believe in it too. Any moment they will go up together and this pattern will change. But for now I prefer to wait a bit more and see what happens to BCH when BTC return to $8000 levels.
Have you noticed the correlation with btc on the smaller time scales? This would also coincide with a btc double top now... Thoughts?
Be careful of a double top call because that means a major crash and that time has NOT yet come. Only inexperience would call this. (not poking you, whoever the analyst is)
Whoever is calling a double top now is uninformed and blind to the vast arrays of BULLISH setups across Altcoins landscape: Jaws of Wealth, Cup & Handles, Bullish Downward pointing symmetrical triangles...etc etc.
The fact that Bitcoin Cash is rising could portend that BCH will go in phasic with BTC. In other words, both go up.
I realise this is only the 1hr, but it failed to make a higher high (you might count as a flat correction??):
I guess we will see if it can break out in the next 6-10hrs.
Also regarding BCH, I meant that thus far, it has been completely "non-phasic" (in your terminology).... it's almost identically inverse:
I'm not pretending I have the knowledge or experience you have, but there are starting to be some real warning signs. You have been pretty spot on with btc so far, and you may be correct that btc has another run up to 10k before the top is in, but I dont' want to be hanging around with 10's of thousands of dollars on exchanges when the shit hits the fan.
As you have said many times, "btc is the moon that moves the alt coin ocean", so no matter how bullshish the outlook on many alt coins, it won't make a difference when btc dumps.
Thanks for your post's and comments.
I went back to a longer timeframe of
bchusdandbtcusdand found there were several periods of "phasic" activity (noted in blue):So you could be absolutely correct; there may be a "phasic" change soon. I'll be keeping an eye on https://fork.lol/pow/hashrate, since any substantial increase in bch hashrate leads to a decrease in btc hashing (and price). Whether or not it is causal or merely correlated we will see.
Like a mirror right now; the indicators and all!
The cycle overlap, phasic stage is expected
This would make me very happy if this happened...Let's see!
Hey Haejin, It seems BCH is performing a perfect 5 wave impulse up. If these are 5 sub-waves of wave i. Is higher high expected for BCH?
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STOPBitcoinCash looks very promising. You don't have to worry about high transaction fees, or unconfirmed transactions.
There are many coins where you don't have to worry about time and cost of transaction. They're not unseating Bitcoin nor have they been able.
BCH doesn't have the network effect that Bitcoin commands and likely never will.
Ticker in you title is wrong @haejin.
Thanks for all the great updates!
Is Bitcoin doing a double top from your perspective and is it time to sell off for a bit? There are a lot of EW analysts calling this right now. Do you think BCH is performing inversely to BTC and hence the switch in direction for BCH?
Please watch the recent evening update that addresses double tops and why I think that's an uninformed and inexperienced call.
Sounds good, I certainly will. Thanks a lot
NEO has just surged! What do you think of that @haejin?
MASSIVE PROFITS!!!
Thanks for your update on BCH!
Watching your video right now! 😎
I like to see both Bitcoin and Bitcoin cash rise together in the future
Phasic!!!