Similar to my recent posts on 
ETC, 
ETH, I see BCH on the last leg of this 6 month downtrend in the form of 5th wave of a leading diagonal. Expecting a drop to $160-$170 and then an easy 50-70% rally for the next few weeks (2 months?)
However, leading diagonal signals the beginning a new bigger downtrend and I expect the price to eventually drop below $100 after the bounce. This is also in alignment of my macro charts onETC, ETH (see linked charts), the assumption that early 2019 rally was a bull trap as appears to be in 3 waves (green ABC)
If this assumption is correct, the 50% bounce itself will be in 3-waves (ABC)
A more bullish version is that we just finishing a red ABC correction and we are in the last leg of the C wave, so the bounce could take out the highs or reach to the top. Confirmation is break above $300
In both cases, I expect a bounce
Confirmation for this idea is when we breakout of the diagonal. I believe ROI for longs is better in the next 1-2 months
ETC, ETH, I see BCH on the last leg of this 6 month downtrend in the form of 5th wave of a leading diagonal. Expecting a drop to $160-$170 and then an easy 50-70% rally for the next few weeks (2 months?)However, leading diagonal signals the beginning a new bigger downtrend and I expect the price to eventually drop below $100 after the bounce. This is also in alignment of my macro charts on
ETC, ETH (see linked charts), the assumption that early 2019 rally was a bull trap as appears to be in 3 waves (green ABC)If this assumption is correct, the 50% bounce itself will be in 3-waves (ABC)
A more bullish version is that we just finishing a red ABC correction and we are in the last leg of the C wave, so the bounce could take out the highs or reach to the top. Confirmation is break above $300
In both cases, I expect a bounce
Confirmation for this idea is when we breakout of the diagonal. I believe ROI for longs is better in the next 1-2 months
Note
Here is an 8H close-up of this drop, the larger count is different, but still points a decent rally after the dropTrade closed: target reached
We reached our target zone
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twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
Related publications
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.
Follow me for more updates
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
twitter.com/imkeshav
youtube.com/channel/UCskbBdZstBUQ_4y2o912zzw
Related publications
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.