Long
Bitcoin Cash is Done. For Now.
Guys, we've all been following Bitcoin Cash since it first took off on that ridiculous rampage where we all (for a second) took the "cashening" more seriously.
A lot of analysts out there predicted $3,400. But not many of us expected that extended 3rd above $4,000. That was just nutz.
But guys, I think it's fair for us to call this run over. It's looking like a sharp correction, and honestly, I think a long-term entry level of sub-$3,000 isn't bad. I will probably aim for around the $2500 area in a week or two. My projections lead me to a 5th wave that's going to lead us to around $6,000 area. Our target range is $5,620 - $6,300. I think we could get pretty low here on our retrace. And that would be fair, simply because our wick on that first impulse wave was REALLY long. I felt bad for those who bought there, but not anymore.
Nonetheless, this correction is normal, and will probably take a week or 2 or 3. My timetable for the 5th wave to be conquered is about 2 months from now. However, this market moves fast so who knows. When it reaches this 5th wave, I'll be looking for re-entry for a long-term position. I may have some fun here and do a 1-2 year projection. Quite frankly, I think Roger Ver might be on to something. Bitcoin Cash's growth rate is ridiculous in comparison to Bitcoin. I think the two can live happily together, but I am not going to be the least bit surprised if Bitcoin Cash takes over and reigns supreme. I mean, just making simple transactions is much much more efficient. Why not gravitate to the more useful tools? Do you want to build a shed with a hammer and nails or a spoon and straws? LOL just kidding man, BTC is not a spoon and straws.
And of course, I will follow-through with this post on updates and progress. I constantly track how my predictions are going.
A lot of analysts out there predicted $3,400. But not many of us expected that extended 3rd above $4,000. That was just nutz.
But guys, I think it's fair for us to call this run over. It's looking like a sharp correction, and honestly, I think a long-term entry level of sub-$3,000 isn't bad. I will probably aim for around the $2500 area in a week or two. My projections lead me to a 5th wave that's going to lead us to around $6,000 area. Our target range is $5,620 - $6,300. I think we could get pretty low here on our retrace. And that would be fair, simply because our wick on that first impulse wave was REALLY long. I felt bad for those who bought there, but not anymore.
Nonetheless, this correction is normal, and will probably take a week or 2 or 3. My timetable for the 5th wave to be conquered is about 2 months from now. However, this market moves fast so who knows. When it reaches this 5th wave, I'll be looking for re-entry for a long-term position. I may have some fun here and do a 1-2 year projection. Quite frankly, I think Roger Ver might be on to something. Bitcoin Cash's growth rate is ridiculous in comparison to Bitcoin. I think the two can live happily together, but I am not going to be the least bit surprised if Bitcoin Cash takes over and reigns supreme. I mean, just making simple transactions is much much more efficient. Why not gravitate to the more useful tools? Do you want to build a shed with a hammer and nails or a spoon and straws? LOL just kidding man, BTC is not a spoon and straws.
And of course, I will follow-through with this post on updates and progress. I constantly track how my predictions are going.
Note
Note
I just turned into a bear real fast lol. That drop was too low, and it supports an alternate wave count of this being a post-wave 5 correction. Bitcoin cash corrections have always taken a long time with very quick pumps, I'm not expecting this too be much different. It's already shown signs of a LOT of bearishness. I think we have the possibility of retesting the height of the previous A subwave, but I can't see it getting much higher anytime soon.
I'll be back into this when I feel like we get an actual impulse wave up to a NEW *Higher target that will be higher than $8,000.
Note
So I saw Excavo made an update on Bitcoin cash, saying the resistance was broken (Great analyst, should check him out). So I wanted to check it out for myself. I don't think we're gonna break this resistance. But I could be wrong. I will keep a close eye on this, But I think we will hit that bottom support line again. We all know how Bitcoin cash is when Bitcoin doesn't do well. So I will keep a close eye on this as it unfolds. I think my initial analysis was correct, and I would like to add to a position if I see it hit that bottom support. First target should be $5,999 with the possibility of a higher target.
Note
Another thing, check out the RSI. When I look for actual impulse waves, there is usually an arch in the RSI. This little shot up doesn't have that, it has just a really weak support line that it doesn't have hard bounces off of. I THINK it'll break it and head back down.Note
There go we go. It never broke that support and it began to arch at that upper level, likes what I like to see. Take this as a lesson, don't doubt Excavo! lol. Alright, I'm entering this trade after I see a correction will bullish indication. I like my RR right here, even for Target 1. I will activate the trade when I join in.
Trade active
Last night it only failed to breakout because of Bitcoin. I like the buying pressure right now. I'm in. I will be day trading this to reduce my risk of failure.Trade closed manually
I don't like the this thread, I am starting a new one.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.