Long
BCH Correction Almost Over
BCH is experiencing an ABC correction and is almost done! Wave C always has 5 waves, and the fifth one is about to complete! Wave 5 is extended so there are five subwaves. The fifth subwave has not yet completed and should bring the price to the support line of the falling wedge, which is around $900.
Now if we zoom out and take a look at the bigger picture, we see that BCH has only completed the primary waves 1 and 2. That means the biggest wave (wave 3) has yet to come. Wave 3 is never the shortest so the price of BCH will at least hit around $4700. Since the crypto-market is so bullish, it wouldn't be unreasonable to target the 1.618 Extension, giving us a target of $7200.
Entry: $800-940
Stop: $650
Target: $4700-$7200
Now if we zoom out and take a look at the bigger picture, we see that BCH has only completed the primary waves 1 and 2. That means the biggest wave (wave 3) has yet to come. Wave 3 is never the shortest so the price of BCH will at least hit around $4700. Since the crypto-market is so bullish, it wouldn't be unreasonable to target the 1.618 Extension, giving us a target of $7200.
Entry: $800-940
Stop: $650
Target: $4700-$7200
Note
We might have a truncated fifth wave, and this MAY be the bottom. I'm not so sure where the bottom is, but we are getting close.
Note
We're in the buy zone. Let's see how much lower it will go.
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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.