Short
BCH sets up strong selloff!
Bitcoin Cash most likely counts as a 3rd of an intermediate (C) elliottwave to the downside. Those are usually very strong. This wave action was preceded by a B-Wave, which retraced a 50% fibonacci relationship in 3-waves. It count as a double zig-zag and corrected the first part of a triangle thrust to the downside.
Past month wave action puts Bitcoin Cash in the most optimistic case into a leading expanding diagonal to the upside, which completed just 3 out of 5 waves to the upside. We do not believe this to be the case for reasons elaborated on our website. 580 is the target for the optimistic case.
The other interpretation, which we favor, is a terminal correction in Bitcoin Cash. The target is here well below 180. S/L is 2100, which is the previous pivot high.
Past month wave action puts Bitcoin Cash in the most optimistic case into a leading expanding diagonal to the upside, which completed just 3 out of 5 waves to the upside. We do not believe this to be the case for reasons elaborated on our website. 580 is the target for the optimistic case.
The other interpretation, which we favor, is a terminal correction in Bitcoin Cash. The target is here well below 180. S/L is 2100, which is the previous pivot high.
Trade closed: target reached
taking profits...enough for the momentNote
+46%
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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.
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.