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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GDAX will open the BCH-BTC Order Book on Wednesday January 17 at 9:00 am PST
Might be a time to look out for
Hi! I am a robot. I just upvoted you! Readers might be interested in similar content by the same author:
https://steemit.com/bitcoin/@philakonecrypto/tutorial-part-7-live-trading-usd120-profit-in-6-minutes-long-on-bounces