BITFINEX:BCHUSD lost around 80%, but decline looks like correction within uptrend. Why? Well, there are many factors. If you take a look on weekly chart, you can clearly count five waves up from lows, which means we are in a bullish trend. When BCH hit 4000 at the end of December into wave (V), there was a sharp drop and correction has barely started, because typicaly in EW theory after every five wave impulse, a three wave retracement is required. After sharp drop into wave (A), there was corrective move into wave (B) and then slow falling range within ending diagonal pattern (reversal pattern) into wave (C). BCH hit our expected target and important support at previous wave (IV), mentioned many times and highlighted in previous updates!
So, currently BCH bounced nicely within 5 subwaves into wave i/a, which is another sign that correction can be completed. But we have to be careful, so first, we have to respect the market and look for minimum expectations, we are expecting minimum three waves up A-B-C or 1-2-3. If BCH after only three-waves up sharply drops, then this will be only a correction, but if goes up with five waves and break above 1790 bullish confirmation level, then BCH can be in bullish trend again and can be on the way up to a new all-time highs!
So, currently BCH bounced nicely within 5 subwaves into wave i/a, which is another sign that correction can be completed. But we have to be careful, so first, we have to respect the market and look for minimum expectations, we are expecting minimum three waves up A-B-C or 1-2-3. If BCH after only three-waves up sharply drops, then this will be only a correction, but if goes up with five waves and break above 1790 bullish confirmation level, then BCH can be in bullish trend again and can be on the way up to a new all-time highs!
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Hello traders, since we saw a nice turn up on LTC and currently the following BTC and ETH, we expect a rise even on BCH for minimum three waves up towards 1800 level for wave C/3 and if it's wave 3, it could go even higher! Just keep in mind that even if we see a drop, it will be just a temporary deeper pullback before continue it's uptrend for minimum third wave up, so we remain bullish as long as it's trading above 750 invalidaion level!!!
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Hello traders, BCH moving nicely higher as expected and we expect even more towards 1800 level or higher, as long as it's trading above 1185 invalidation level!
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Bitcoin Cash dropped into a deeper correction, probably towards 1000 level, but still looking as a correction within uptrend as long as it's trading above 750level. Bullish confirmation is only above 1800 level!
