BCHUSD Can See One More Leg Lower, Before A Recovery – Elliott wave

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Hello traders,

BITCOIN CASH is moving sideways since March-April, exactly after we noticed a five-wave rally into a wave A/1 from the lows. After every five waves, we expect to see a three-wave a-b-c pullback in wave B/2, which seems to be still in progress. We are currently tracking a big bearish triangle formation in wave »b« that can send the price into a deeper correction within wave »c« of B/2 before we may see a continuation higher for wave C/3. If from any reason BCHUSD jumps straight into new highs, then we are also observing a big bullish triangle into a higher degree wave B, but this would be a corrective movement from the lows, which means that BCHUSD would then face limited gains for wave C.

BCHUSD, 4h

On the intra-day chart of BCHUSD we see price unfolding its five minor legs for a wave c of (e) of a bigger triangle in b. Resistance is at 245.0/255.0 zone.

BCHUSD, 1h

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About Author

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!

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