Analyzing Bitcoin Cash (BCH) on the 1H timeframe using Elliott Wave theory, we observe a potential bearish continuation forming.
🔹 Wave Count & Structure
The primary structure suggests a Wave 4 correction has completed, leading to a possible Wave 5 decline.
A descending triangle formation has been broken, with an (A)-(B)-(C)-(D)-(E) wave structure confirming the pattern.
A sub-wave 1-2-3-4-5 impulse appears to be developing for the next downward move.
🔹 Key Levels
Entry Zone: The price has rejected from resistance around $350.
Target Zone: Bears could push price toward the $286 - $281 demand zone, with an extended target near $260 if selling pressure persists.
Invalidation Level: A break above $350+ would negate this bearish setup.
🔹 Market Context
Bitcoin's movement could influence BCH direction.
Confirmation needed with volume & candlestick structure before a strong move.
🚨 Bearish Bias – Watching for a potential breakdown continuation with proper risk management. Let me know your thoughts in the comments! 🔥💬
#Crypto #BCH #ElliottWave #Trading #BitcoinCash #Bearish #ChartAnalysis
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🔹 Wave Count & Structure
The primary structure suggests a Wave 4 correction has completed, leading to a possible Wave 5 decline.
A descending triangle formation has been broken, with an (A)-(B)-(C)-(D)-(E) wave structure confirming the pattern.
A sub-wave 1-2-3-4-5 impulse appears to be developing for the next downward move.
🔹 Key Levels
Entry Zone: The price has rejected from resistance around $350.
Target Zone: Bears could push price toward the $286 - $281 demand zone, with an extended target near $260 if selling pressure persists.
Invalidation Level: A break above $350+ would negate this bearish setup.
🔹 Market Context
Bitcoin's movement could influence BCH direction.
Confirmation needed with volume & candlestick structure before a strong move.
🚨 Bearish Bias – Watching for a potential breakdown continuation with proper risk management. Let me know your thoughts in the comments! 🔥💬
#Crypto #BCH #ElliottWave #Trading #BitcoinCash #Bearish #ChartAnalysis
Follow us for more Chart Analysis
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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.