We have to care about next waves of Eliott if BCH develops this pattern and also care about this down trend on the value. The down trend on the can suppose that BCH will have difficulties to reach the target.
As you can see, during the previous consolidation waves we had very good opportunity to buy at the bottom to realize a high profit. I think we have to wait for a safe buy zone because the standard bounce have to occur near 3000$, if this happened we can safely buy after the drop.
The next thing we have to care about is BTC because we saw in the past that if BTC wakes up BCH drops.
One last thing, as you can see on the graph idea, the fib level is 600$ below the resistance line so we can imagine that BCH can reach 5400$ in a really short time (a small peak) but it is not the value to target but 4800$.
This is just an idea that needs to be validated by the bounce and also the breakout near the bottom of the Wave 5. I hope you will comment to explain your opinion.